Daily market summary of NF and charts, data of NF & BNF -31Jan'22

NF had neutral extreme down day with close at lower quad in last session. Today it opened way higher from close not helping sellers of NE down day.It held the open zone and all day gone for open auction then later cleared above PDH/FA zone then closed above dPOC.

Ahead of event, NF printed a balanced profile to get imbalance move next.

As mentioned in open statement in commentary today, sequence of auction sofar from NF is that buyers are looking to push this higher..They had large tail 17000-16850 then left FA at 16860 and pullbacks failing to hold and going for new high.They negated yday FA at top. So, overall buyers holding this now.

Two days back mentioned that rally to 17390/17450/17550 if happens, it could pullback to 17100-17050 zone before further move above 17600 considering the fact of stuck longs in last week downmove..This part got done on Friday with rej at 17390 and pullback to 17100 zone.Buyers now next should look for that rally above 17600+.

Now, swing wise 17200 support to look for scale of 17420 to get 17550-17600/17720/17800/17950. Once moves above 17500 then 17350 becomes support.Below 17200 retest of 17050 and that goes means it could accelerate down faster towrads 16850-800/16650-16600.

Tmw's budget event one of major event for long term inventory adjustment.. Needless to stay intra could be quite volatile till 1-1.30pm, then might settle one way for close..Trade light with hypos given below.

Charts and data :

Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.

Notes :

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