Daily market summary,plan,charts and data of NF & BNF –28Jul’23
NF had a clean 3IB trend day + Outside day on expiry day. Considered it as expiry adjustment move.If we open inside range then expected range play holding PDL and PDL acceptance means expected another good liquidation move towards 19690-19670/19620. NF early in the session started accepting below PDL with volume and remained as liquidation profile all session with a probe till 19690-19670 band.At close, bounced to dVAH of b then closed at dPOC. Long liquidation b profile below outside day with decent volume = weakness. Poor low and anomaly low. After having such low, close has seen short covering + sm buyers pushing up the auction to dVAH then closed at dPOC..These buyers need follow through above tail/PDH via drive/gap else tough to sustain above this profile.If they get that then it could go for filling back that 3IB multio disbn profile of expiry. Once sustains above PDH should not come into value area of this b profile as that becomes solid support. Failing to do so by buyers could repair this poor low and get continuation of liquidation. This session low almost held at extn handle of DD profile of ongoing month..So, now if this low goes means odds of testing lower end of month. Levels wise, not able to stay below 19720 and move above 19745 could get 19770 and bullish above that for 19795/19825-19840 and quite bullish if sustains 19845 for 19890-19910/19940/19980/20010. Failing to stay above 19825 and moving below 19760 could get 19730/19710 and weak below that for 19680-19670/19640/19620-19595/19540-19520 Weekly : After 2 overlap weeks in first half of month, now second half seen overlap highe of two weeks. 19825-19840 band pivot for next week. Hold below that we move down to repair 19670 sustains means weakness towards 19600/19520 then bounce..Sustains means 19400 zone. Above 19840 could get 19910/19940 then could see pullback..Above 19940 further bullish for 20010/20050-20070 then pullback and later could get 20160-20200 zone above 20070. Monthly : First observation after start of July auction was for higher value month then later it has given idea for double disbn monthly and July sofar doing same..19840 accepted means possible to remain as DD profile for the month to remain in range to close July roughly between 19710-19840-19940 extreme case 20040-20070 then pullback.Spike above 20070 for 20200. No rotation above 19840 but rotates lower and clears 19670 means odds for b profile on monthly by testing low zone at 19520 and more. 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.