Though NF had a close above dVAH on Friday, considered the move weak as value was lower which accepted prev day imbalance. And, the extn happened above 12850 got closed intra itself suggesting lack of demand in that upper distribution in the last hour balance on Friday.12820-12800 was considered magnet for next session.To negate this view, NF was expected to scale 12900 today..NF did a gap up above 12900 but could not sustain and gone for open rejection reverse down straight towards 12825 via imbalance move in ABCD period.Later gone for two way balance..Holding 12800-820 was for the probe back for 12965 which happened after balance and then NF closed above dPOC..
NF had a neutral session today..Another session for both buyers and sellers fight to control for value in the composite in making..Buyers had a edge at close with dPOC skew higher and price closing above dPOC..They need to defend 12920-12930 at open and look for move higher else liquidation could be seen.
NF left secured high and low..Sustaining this tail zone is trend ; failing to sustain could test other end.
NF retested FA at 12975 but could not sustain and got rejection with selling tail there again..To confirm this tail, NF needs to break 12900 tomorrow and test buying tail at low.
Nice composite in making as mentioned few days back and we are yet to resolve the balance and move away.
Holding 12920-12930,NF could test 12965-12970 if sustains then 12990-13010 then later 13050/13090 probe possible..
Failing to scale 12965 could test back 12930-12920 zone and weak below 12920 for 12890 is sustains then 12865/12840-12820 probe possible and quite weak below 12800 for 12765/12720.
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