Daily market summary of NF and charts, data of NF & BNF -04May'21

NF had 3days of one time frame down and closed higher with stealth auction in previous session. If stops one time frame down then expected volatile moves. NF cleared PDH right at open to stop one time frame down but could not sustain and gone for open rejection down. Failing to sustain 14740 was expected to test 14700 then 14640-14615 was probe. NF probed 14625 during IB and gone for two way balance . Later in second session cleared IB and closed with spike down.

Auction pointers from the day :

NF failed to sustain PDH and gone for previous day value area probe and closed with spike down.

Spike zone 14600-14510. spike rules apply for next session.

Below spike low = quite weak ;

accept spike zone = weakness later ;

above spike zone = bullish.

We had some good volume in this spike down below 14600 and that becomes important resistance for next few sessions.

Sellers got skew with them at close dPOC skew down into close due to the volume in spike. As mentioned in commentary,they need gap/drive after such dPOC shift for follow through.

Yesterday auction suggested we could get more volatile and wide range auction for the week and today’s auction reconfriming that..And, again expecting wild two way auction tomorrow. Because, we have high volume spike over head and if gets follow through then we got large tail zone from 14550 till 14420. So,NF could go for creating value in this zone with two way move.

Swing wise 14490 support bounced for mean reversion but could not clear 14780 upper ref and rejected twice there now. Holding below 14780 expected probe back to yesterday tail zone 14550 and NF got that now today..As mentioned earlier, below 14490 we have clean lower balance of last week till 14350/14250. So next time acceptance below 14490 could go for this swing wise with negation at 14680 to start with and once 14350 done negation could be moved to 14550 for 14250 and below.

Refer below for trade hypos

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 via private blog.

Notes :

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