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

NF got second day of gap up and then gone for drive to get short covering profile in last session. Observation was that with poor high at top buyers next need gap up or drive else repair of poor value area..NF opened lower today at VAL zone then drive down into prev session tail zone..That drive got rejected which lead to repairing poor value area as well as to clear poor high at PDH.

NF could not sustain PDH and left probable excess via selling tail today and gone for dVAL close..If clears today low then that excess gets confirmed to probe back into gap zone of 30/05.

One big let down from buyers today is not getting clear move above short covering profile but gone for overlap and then closing at dVAL of last two days merged with wide POC up.Weakness as mentioned in commentary.

Back to back short covering profiles now with wide POC at 16650..Buyers need to sustain this next else looking for liquidation below day low.

Weekly view suggested to look for value above 16650 else pullback to retest 16400 zone..Monthly now closed as double distribution profile after closing extn zone (gap zone)..Now, no acceptance above 16650 means could look for two way auction between 16400-16650 for a session or two.

Major weakness only on acceptance below 16350 to look for 16200/16050.As of now, we do not have inventory to get such big crack move.So, looking for balance as said above.

Charts & data :

Monthly charts

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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