NF negated solid triple disbn trend up day and gone for overlap auction on expiry and expectation was to look for balance in two days range..But, NF had a open higher at PDH and gone for open drive up with volume in last session then post IB period held tight to pull value higher then closed below dVAL.
Large buying tail and short covering profile..This buying tail good support for buyers to stay higher now.
As mentioned in commentary, this drive and push away from two days range got obj towards 20450/20600+ with negation at 20160 now.
New ATH day..Auction at new ATH is not going to end in just 1 or two session.Its a long process and auction around ATH got tendency usually to grind and push higher for few sessions.
As mentioned in closing commentary, that push down to close below dVAL of short covering profile on such new ATH drive day is act of clearing of weak hands..So, as long as this push not able to sustain in buying tail of this session next, odds of balance and moving higher possible.
Levels wise for next session, not staying below 20340 and moving above 20370 could get 20400 and bullish above that for 20425/20450-20465 if sustains 20490-20510/20540 possible.Further bullish above 20550 for 20580/20610-20620.Not able to stay above 20440 and moving below 20380 could test 20350-20340 and weak below that for 20315 if sustains 20290/20260/20230 possible and quite weak below 20225 for 20195-20180/20150.
Weekly :
NF last week closed below POC of balanced week hence considered weakness and as long as staying below 19930 probe was marked for 19765 and below. Not able to stay below 19765 and moving above 19825 expected 19930 then 20050. NF managed to get only 19825 then started bouncing this week clearing 19930 excess which lead to good short covering and rallied to close at high of the week.
Triple distribution up week closing at dVAH of the week. 20160-20180 solid support band for the week and 20280 minor support for the week.As long as staying above 20280 looking for probe upside to continue for 20450/20540/20620-20640 then pullback lower..Above 20640 could push towards 20800.Minor weakness below 20280 for 20225/20180-20160 band which should bounce else weekly bullishness negated below 20140 which could push down towards 20050/20000 and more.
Monthly :
Till 19930 gets cleared for Nov,expected to stay in balance and above 19930 good extension higher expected..NF cleared that 19930 and gone for good extension higher closed Nov with spike.
19950-20010 Solid support band for December and 20140-20180 minor support band. As long we stay above 20140 Dec could be up trend month for move towards 20540/20640/20800. If moves below 20140 then 20010-19950 band could hold and push higher for balanced month of December with higher value. Weakness any only below 19950.
Context on monthly now is, since July if we merge monthly profiles then we have 3-1-3 on monthly structure..And NF attempting to stay higher from this 3-1-3 now. So, we either go for higher value balanced month or trending month. Whenever 19950 goes in coming months first sign of weakness towards 19800 and that goes means straight down quick move towards 19540/19330-19220. This could be marked on charts..Till then monthly is for balance to higher skew auction as of now.
Charts
Daily :
Weekly :
Monthly :
Data :
Notes :
a) Check glossary page in website if any of the terms used in the post are not clear.
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