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Daily market summary,plan,charts and data of NF & BNF –07Jul’23

NF had a minor spike close on expiry and buyers expected to hold 19505 for next session.Not holding so expected to get 19460 if accepts PDL and more expected. NF had a open test drive up to clear PDH but could not sustain and failed the drive quick then started moving below 19505 which probed till 19380 then closed at dVAL. 7days of one time frame up stopped. Outside day at extreme of range.Suggests balance/reversal from here and upside non stop rally capped temporarily. Prominent selling tail and liquidation profile. Accepting below this profile, one more leg of liquidation possible.19460 swing res now. Levels wise for next session, not able to stay above 19450 and move below 19415 could test 19385 and weak below that for 19345-19335 then bounce if sustains 19395 could move to 19420/19450-19465/19490-19510 if sustains 19540-19560/19590-19610 possible.Staying below 19335 could get 19305/19275/19245. Weekly : Last week had a triple disbn profile. 19350 considered as resistance to look for balance, if sustains expected a move towards 19500/19600 to end the rally then expected a pullback for balance.NF gone for this move accepting above 19350 to probe till 19550-19560 then doing pullback now. Skewed balance with wide dPOC week closing below such dPOC this week.Buyers need to sustain in this bell balance and accept above wide POC for push higher..Failing to do so could drop first to test 3rd disbn of last week zone then could bounce later into current week range..So, not able to push above 19460 looking for 19340/19270-19240 then bounce to 19340/19390/19450-19465. If sustains then 19540/19610/19700 upside possible. If bounce fails to sustain and accepts below 19240 means could test 19185/19120/19060 then could see a bounce..This zone 19120-19060 is quite solid support. Monthly : Monthly expected to get higher value narrow range month or imbalance month in July upside as long as staying above 19000.Expected 19500-19600 to respond for balance.. Monthly as of now following this..Imbalance seen end of auction with last session auction suggesting balance to emerge.Expecting higher value on monthly to continue next week too. 19340/19240/19060 3 zones in coming week/next week to seek support for mean reversion on monthly profile. Upside opens up for 19800-19900 later in the month once we form balance and started clearing 19550. 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.

Daily market summary,plan,charts and data of NF & BNF –07Jul’23

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