Daily market summary,plan,charts and data of NF & BNF –05May’23
We had a 3IB trend day with FA at low on Thursday.Extn handles and VWAP were ref for next session if that goes reversal/balance expected. RF of 14 on below average volume day suggested that 3IB day could be end of move started from 17850 extn. NF had a gap down way below VWAP of 3IB trend day and bounce could not sustain above extn handle of Thu which lead to liquidation for close at lower quad after sm two way auction all day. NF retraced entire 3IB trend up day move from Thu on Friday and retested FA of Thu at low and left weak low now. Failed auction at top Neutral extreme down day.Auction incomplete at low. All above info suggesting weakness. Staying below 18180-18210 band now looking for for more liquidation. 18210 goes means balance before next move. As said in last report, balance or reversal to test Apr spike buyers is bias now and upside is capped. For next session, failing to stay below 18120 and accepting above 18155 could test 18180/18210-18225 if sustains more bullish to get 18255/18285/18320. Failing to stay above 18180 and move below 18150 could test 18120/18090 and weak below that for 18065-18040/18010/17965/17930 and more. Weekly : NF had a double disbn week and staying above 18040 probe was marked for 18250-18300 for the week and once this probe done was expecting rotation down for a balance for few sessions. NF made a high 18315 and now delivered bell balance weekly profile with two way auction. Balance rules apply for next week. Sustain balance = trend ; failing to sustain balance = probe back in balance for more fill and look for moving to other side of balance. 18210 res for the week. Staying below that looking for test of 18040 zone then attempt to bounce inside this week balance..If that attempt fails and sustains below 18040 then probe is towards 17965-17930 which is monthly extension zone and that goes means quite weak for 17860/17750/17650/17540. Failing to stay below 18100 and back in weekly range calls for test of 18180-18210 and that accepts means 18280/18330 possible and 18330 accepts means probe is towards 18450/18550-18600. Monthly : Spike close happened in Apr month and that has delivered acceptanace above that spike zone at start of May here..Two zones marked for MAy to rotate down 18300/18450..First zone now showing resistance..Support for the month at 17800-17900 band as mentioned in last week report. Staying below 18100 could look for travel in that monthly spike zone for a probe to this support band.Strength for May now above 18330 for 18450 next res zone if sustains then 18600+. Charts : Daily Weekly Monthly 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 : a) Check glossary page in website if any of the terms used in the post are not clear. b) If images are not clear, click on them for enlarged view.