Daily market summary, plan, charts and data of NF – 23May’25

NF had 3-1-3 profile with large selling tail and strong buying tail at close of expiry session.Defending value area trend expected. They got open drive up defending value area at open.Above 24685 marked for 24820 then squeeze higher towards 24925. They got this done till 24960 in first session then gone for balance and closed below dPOC.

Large buying tail.

Short covering profile negated 4days of one time frame down and back in large balance zone after whipping below balance low 24600.

Exhaustion seen at top with ledge and left poor value area. No drive / gap up next means odds to fill value area and test buying tail and should reject from tail zone.

If value builds up in tail then weak further towards PDL zone.

Weekly :

Short covering week with dPOC skew higher close by end of last week. 25000 marked as support. Considered weak below that to get 24880-24850 then 24740-24700 bounce then marked for 24610/24520/24450 below 24680. They moved till 24520 for the week below 25000 via one time frame down on daily then bounced and closed above dPOC.

Inside/Overlap week closed above dPOC. 24685 support,24780 pivot for the week and 24975 resistance.Not able to sustain 24975 early in the week could test 24780 and bounce else 24700-24685 support test and mean revert higher..This goes means back to 24600-24550 and that should hold for May else 24480-24450 then spike down to 24350/24250/24165/24050 probe possible.

Bounce from support zones could reach back 24950-24975 clears means 25060/25150 probe and then spike higher towards 25250/25350 extreme case 25500 possible.

Monthly :

Monthly 24600 considered as solid sealed support to look for upper quad fill and spike higher. Instead they moved down to retest support and whipped there and moved higher now..Large balance as of now May month with good tail support at low..

Same 24600 ref till month close to look for push higher towards 25060/25150 then spike. Acceptance below 24600 calls for 24450/24250/24050.

Charts and data :