Daily market summary for NF and charts, data of NF & BNF -03Mar'21

NF had a stealth auction spike close yesterday. Best way for buyers from such structure to move higher was considered as gap or drive. NF had a clean gap up and gone for elongated trend day. Above 15030 probe was for 15150 and then 15240 and NF moved till 15300+ and closed higher.

Observation from today's auction :

NF had a gap up and trend day.

It was 5IB move of elongated profile with rotation factor of 15 and many anomalies in profile which is common in trend day.But,concern is a) this trend day is happening with poor value area + spike combo structure beneath and b) trend day inside well auctioned zone of Feb value area (trend day in new range holds good for continuation else just inventory adjustment within large balance and tend to be repaired back).

If we put together all this info, same stance as said in yesterday that risk is getting heavier with long side still and any time failure of this move could happen to undo the moves done in last 3 sessions. Looking for one large balance in coming sessions..15375-15390 band if sustains tmw then this view gets negated and we could look for a move towards 15550/15700 next.

NF swing obj was for 15250-15300 after yday move and its done now..As said above, looking for some balance before next swing move if we hold below 15390..As mentioned in closing comments today, after today's auction looking for 15200 retest before next rally..15200-15160 zone should hold and allow balance upside else we could fall back to 15070-15040 next and then 14840/14720 in coming sessions.

Price wise for next session, above 15320 could move to 15345/15375/15415.

Failing to sustain 15300 could retrace to 15240/15210/15170.

15160-15280 roughly the zone for two way auction all day..

Below 15160 could test 15120/15090-15070/15040.

Charts and data :

Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members.

Notes :

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