Not considering Muhurat trading levels and context and sticking to Friday auction only as of now.
NF has show signs to start a balance last few sessions and got confirmed with Thursday auction..Further expectation was to expect a stopping of one time frame up on daily time frame.NF has gone below PDL at open on Friday first time after 9 sessions and stopped the one time frame up. Move below 12650 was expected weak to probe 12620/12595..With OAOR, NF held 12653 and probed only till 12620 and could not sustain further and gone for higher move with short covering towards PDH..Then, had a tight auction in upper disbn and closed at highs.
Pointers from auction :
NF stopped one time frame up on daily time frame and in balancing now.
NF printed a outside day with close at highs with less than average volume.Such day should get follow through upside with value from this range else could chop back in this day’s range in next session, to continue the ST balance.
Upper distribution of the day has gone wider with lower distribution with just two TPO range..Not a good structure to get a strong rally unless we get clean gap/drive and then followed up by higher value..Failing to do so, probe is to leave from this wider disbn to test lower disbn.
For next session, holding above 12740 could test 12775-12785 and bullish above 12785 for 12810/12830 and quite bullish above 12855 for 12890-12910/12950.
Weak below 12735 for 12710-12690/12665 and quite weak below 12665 for 12620/12595/12550-12520.
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