Outside day after stopping 4days of one time frame up in last session.Not much of supply seen at close..Hence job of sellers next was to hold 21880 and push down below 21820 for liquidation. NF started with open auction which held 21880 and pushed below 21820 after a pause at open which lead to liquidation quick move..Not able to stay above 21870 and move below 21825 marked for 21785 then till 21680/21655. NF gone for this move with a probe till 21674 then bounced to test PDL zone and rejected to close at dPOC.
Long liquidation profile below outside day with good volume..Now, buyers need to gain control above 21805..Not doing so could do overlap in today's value area and below 21690 next leg of liquidation possible.
Marked probable excess at 21970-22005 after last session which got confirmed today with a move below yday value.Balance to down skew as long as we stay below this excess now.
For swing, if excess gets confirmed with a move below PDL then probe was expected towards 21755/21650 for a good pullback. NF moved till 21674.Swing res now 21865..As long as holding this, could move further down towards 21620/21580/21525. Once clears 21865 then travel to retest excess zone with a move back to 21920/21965.
For next session, levels wise failing to stay below 21660 and move above 21705 could test 21735/21765/21790 and 21790-21805 res zone to reject..If accepts then 21835/21860-21870 possible if sustains 21900-21910/21945/21970 probe. If fails to sustain above 21810 and moving below 21780 could get 21750/21725 weak below that for 21690/21655/21620/21580/21550/21525.
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