NF had a imbalance close yesterday upside after stopping one time frame up on daily..Expectated one retest in 15090-15060 zone to test that last hour buying imbalance and expected buyers to respond in that zone. NF had a open today in that zone below 15090 and rejected right away to move higher to the probe zone of 15170-15190 later in the day.
Clues from auction today :
Path of least resistance after yesterday auction was observed upside towards 15260 in the balance making. NF has followed this today with higher value profile and made till 15200.As mentioned in commentary, auction looks incomplete upside and could probe further upside towards 15240-15260 in next session holding above 15150-15170 band.
NF registerd lowest volume of recent time just 74 lacs which is just 53% of average volume..
NF had a stealth auction minor spike into close which is weaker auction.i.e, sellers failed to get follow through in intra lead to that move towards 15200 in last hour.
Both above info of lower volume and stealth auction suggests that during this balance in making, we could get a revisit to today's value area sooner after testing upper end of balance..Context is move away from stealth auction mostly fails to get sustained rally as its just a squeeze from sellers than real demand setting in so mostly get a revisit in that value area later.
Nice balanced profile today and any attempt to sustain higher from this profile fails and back in value area means could probe entire value area quick.
Price wise for next session 15150-15170 immediate support to scale PDH 15200 to get 15235/15260 if sustains then could move towards 15290-15310.
Failing to sustain above 15240 could test back 15190/15160-15150 if accepts then could move towards 15120-15090/15050.
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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