NF had a spike down close and observation was that sellers had contol going into close..NF today opened higher above VWAP and spike high of neutral day of yesterday auction.Despite having opened against strong close down,tt could not get follow through after gap up but had a value higher in first session above spike high. Later gone for breaking IBL from first session balance and started moving below spike low of yesterday which lead to sharp liquidation down. Move below 14760 was expected to probe 14650 then 14550/14525-14480 zone and NF probed till 14505 and closed at dVAL.
Auction pointers from day :
NF had a double distribution down day with large extension singles of about 200 points..This Extn handle at 14795 swing ref going forward.
It was 6IB down day clearing March low and auction looks incomplete by close.Below 14520 could travel down further to complete the auction.
Above 14850 expected solid reversal but NF failed miserably today despite having gap up above 14850 and ended as DD down day. We had enough balance for entire March sofar and resolved downside now..We could start getting trending move for the remaining days of month after today’s auction..If today’s move is shakeout then confirmation of reversal is above 14800 to travel back in balance towards 14980/15150/15250. If today is start of solid liquidation then we could look for 14350 swing wise below 14520 then some balance and then further move down to break 14000..This is the probable auction plan for the remaining days of Month.
Price wise for tomorrow, risky long above 14640 to get 14680 and safe above 14680 to get 14740/14790 and quite bullish above 14810 for 14850/14900.
If fails to sustain above 14620 and back below 14590 could get 14560/14520 and quite weak below 14520 for 14480/14450/14395/14350 probe possible.
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.
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