Daily market summary of NF and charts, data of NF & BNF -30Sep'22

Green tickz
Oct 1, 2022
2 min read

NF had a double distribution day on Thursday..Sellers needed gap or drive down after such profile. As we discussed many times, when DD or triple disbn profile happens in a solid one time frame move, then next need a good follow through quick or atleast first rotate in extreme distribution then get follow through later else that profile acts as speed braker in a ongoing trend and mean reversion happens..Friday NF could not sustain below that DD profile and bounced back to mean.

NF stopped 7days of one time frame down move with outside day.

It was triple distribution up day with 4B move.. Moved back to last 3days high zone..Rejected at gap zone and failed to remain as trend day at close..Buyers next need to rotate in upper disbn and get follow through higher else we could go for clearing extension singles left on last session then could get few sessions of balance after such 4IB outside day.

Volume was quite higher in last session.. Once balance done and clears the low printed in last session means next downleg could start..Upside immediate rally odds are less and if they want to move higher then thats possible mostly after balance only.

Swing move was marked for 16740 next staying below 16950 which got missed and negated swing view now with a move above 16950. Got a secured swing low now..Swing view now neutral to look for 16850-17200-17350 zone balance roughly.

Larger view :

Weekly :

NF after 7 weeks overlap cleared balance low and closed at dVAL last week which considered as bearish to get 17150/17050/16850..All this done now..We got second week of one time frame down now and clean well balanced weekly profile closed above dVAH of the week.

17000 pivot for the week..Holding this looking for 17250-17260/17330 then rotation down back to 17200/17050/16900-16850..If sustains 17330 then 17450-17500 possible and above that clean move to 17600 then pause possible..

Not able to sustain higher 17200 at start of week could test 17000 if accepts then 16900-16850 probe and 16850 solid support zone to rotate higher for balance. Acceptance below 16820 opens up 16740/16660 if sustains 16500-16450 possible and quite weak below 16400 for 16100.

Monthly :

Sep monthly profile expected to close at lower quad and it has now closed as double distribution down profile with clean extension handle at 17450. This becomes solid resistance for Oct now..Staying below this, looking for overlap in Sep lower distribution then range extension down.Reason to look for range extension down in October is, July month had good spike up close and now Sep has started accepting that spike zone which is bearish sign on monthly structure.

So, once balance at start of month done and if we move below 16800 means good odds to enter in July value area towards 16450/16100 via imbalance.. 16800 support for the month now..Holding this, balance and accepts 17450 means 17600/17850-17900 probe possible.

Charts :

Daily