NF had a classic trend day with volume and data backup on expiry day.Elongated profile with dPOC skew higher hence buyers needed to defend 24230 and scale higher above pOC to get range extn higher else repairing part of trend day profile expected. They could not scale above POC of trend day and started accepting below 24230 early in session with open test drive down. Marked probe of 24165 bounce then later below 24150 marked for 24120/24085/24050.They got 24165-24135 first then later probed 24085 then closed at low.
Entire mid day imbalance of trend day from Thursday auction repaired now and closed below VWAP of trend day = balance to reversal odds.
Inside day.
POC and VAH zone good res for next session and bullish only accepting above VAH of last session.
Swing support same 24050 and goes means test of 23950/23850/23790.
Levels wise for next session, If fails to stay below 24050 and moves above 24120 could probe 24150 if sustains 24180-24190/24220-24230 odds and further bullish above that for 24265/24295 reject else 24325/24360-24370. Not able to stay above 24190 and moving below 24100 could get 24075 weak below that for 24050-24040 quite weak below that for 24005/23965-23950 if sustains 23940 then 23910/23875/23845/23815-23790 probe.
Weekly :
NF had inside week closed above dVAH last week. 24100 considered res for the week to test 23935/23865/23810 bounce back to 23900/24000/24080-24100 if accepts then 24180/24260 reject else 24340-24360/24440 expected. Considered weak below 23790 for 23715/23650/23580/23520. They stayed below 24100 to get 23810 swipe then moved further down below 23790 for next leg to get till 23600 then got a bounce all the way to 24300 and closed at dVAH again.
Mechanical weekly lows now from three weeks then got rally this week and closed at dVAH..Buyers need to get range extn higher early in the week and once done never accept back in value area below 24150.Not able to do so means odds of price moving back to HVN zones of last two weeks i.e, towards 23950/23800 and remain as another overlap week.Considering 24050 pivotal support for the week. Holding this upside towards 24165-24200 reject else 24280/24360/24440/24550-24600 odds. Failing to push higher or after scaling higher above 24280 and back below 24150 calls for test of 24075-24050 and weak below this pivot to get 23975/23900-23850 bounce else 23750/23700-23675 and bounce else 23600/23520/23450/23335/23200/23050.
Monthly :
Monthly time frame auction expected to hold between 23850-24250 roughly and was looking for balance and skew down once accepts 23800 to get probe of 23650/23565/23450.Move above 24250 if any considered mostly as a whip to look for supply at 24350-24450 zone.It moved down till 23600 then bounced and move above 24250 happened and as of now no strong evidence to suggest that move is kind of whip,which we get sign if we get daily value below 24050.
Two supports now for month 24050 then 23900. As long as we are above 23900, monthly might go for one more push higher then might reject..Immediate support for Jan around 24050 to get 24200/24350 max 24450 reject and below 24050 could get 23900 zone bounce else 23750/23600/23450/23200-23050 for Jan. Above 24450 could shot up higher towards 24575-24650/24750-24800 then decide there.
Charts :
Daily
Weekly
Monthly
Data :
Notes :
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