NF had selling tail and long liquidation auction on expiry day.It had moved back into 3days balance value area and held at POC of the same. NF had a large gap down below balance low 24830 and bounce could not sustain and gone for all day lower value session then closed with spike down.
Large gap down and selling tail day.
Spike down close below balance low clearing VWAP of solid trend day from 26/07 is weakness. Spike zone 24750-24670.
Weekly has earlier left two good support 24750 then 24600 as spike base. For next session, not able to accept above spike high 24750 could go for rotation down in spike zone and test 24640/24600 zone bounce else more weakness towards 24550/24490/24465 goes means more weakness. Minor resistance 24760 now and solid resistance 24840 on daily frame now and buyers get a relief only above this.
Levels wise for next session, move above 24760 is for 24790/24820-24835 and further bullish above 24845 for 24875/24910-24920/24960/24995 or not able to stay below 24600 and moving above 24670 could test 24700/24735 and reject else 24760 and further could be possible as said above. Downside, not able stay above 24740 and moving below 24695 could get 24665 and weak below that for 24630-24620 bounce else 24580/24550 if sustains 24490/24465 probe.
Weekly :
NF had spike close on weekly and printed two support for coming week 24750 and 24600. Holding above 24820 expected the week to get 24980/25080/25150 then pullback towards 24820 bounce else 24750 expected for another bounce. NF moved to 24980/25075 and pulled back to find support 24820 then moved to 25130 and came down with gap below 24820 and tried to hold 24750 at close of week but got spike down and closed below that.
Narrow range week closed down with spike. 24840 pivot for the week. Holding below this, could get 24600 zone and bounce back to 24670/24740-24760 if accepts 24840 and bullish above 24840 for 24900/24960-24990 /25080.Value below 24600 could get 24480-24450 goes means quite bearish towards 24380-24365/24270/24230 then bounce else 24150/24090 odds.
Monthly :
24250 became monthly time frame support which has printed large excess tail for July there. 24450-24600 marked as pivot for Aug.As long as this band holds, skew higher expected towards 25080-25150 and above in Aug. If not able to stay above 25100 then expected a drop drop back to 24900/24800 and bounce else test of 24600-24450 band marked.NF travelled till 25100+ and dropping in Aug now and back into July mean reversion balanced month range at close of last week below 24800.
They need to find buyers around 24600-24650 band VAH of July and bounce higher towards 24750/24840 reject else good to look further towards 24960-24990 and decide there. Not having bounce or after bounce but later accepting below 24600 calls for Aug to move towards 24350/24250 test and bounce and later that goes means further bearish towards 24120/23950/23700-23650.
Charts :
Daily
Weekly
Monthly
Data :
Notes :
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