It was neutral day dominated by sellers on Thursday..Selles were expected to defend VWAP and probable excess selling tail at top to get follow through down in next session..NF on Friday had a whip around Neutral day VWAP zone in OAIR during RBI policy announcement event and later accepted in previous tail zone and gone for new high..It has ended with higher overlap value day with close at day high.
NF registered 10th day of one time frame up (without lower low ) on daily time frame.
NF has left another poor value area similar to Thursday..Poor value areas happen when inventory is getting stretched with whipping moves during intra auction and its a sign that trend is at its final leg to finish things quicker.
NF has left two significant pullback low for the day – ref to monitor in next session.
NF has closed almost at day high and probe upside not yet completed with that close.
Price wise, staying above 11910, NF could scale 11950 to probe 11980/12010 if sustains then 12050 possible.11970-12065 previous gap zone hence expecting a value creation in this zone with grind or rejection to push back the price into prev session value area..If gap zone gets accepted and scales 12070 then 12100-12120 probe possible.
Failure to sustain above 12000 and push below 11950 could test 11920-11910 zone.
Below 11910 could test 11870 VAL and quite weak below 11860 for 11830/11780.
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Data
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