Gap buyers of NF held all session on expiry day..Next they needed to sustain in double print selling tail to clear PDH to get higher follow through in next session.They had a open in selling tail and accepted and moved higher then all day remained in narrow range to close above dPOC.
Short covering profile with poor high top. Effort was there but buyers could not get good extension higher post morning session. Volume and commitment of buyers dried post that IB extension in morning.
Buyers have to again get gap/drive next session and once done should stay higher without moving below POC..If opens inside range then should defend 19620 and move higher to clear poor high then stay higher. Weakness below 19620 to look for liquidation from buyers.
Move below 19620 on swing probed till 19360 and negation was kept at 19660 which got cleared now. As long as staying above 19620 could push higher towards 19760/19820.Minor weakness below 19620 for 19520-19480 zone for swing with 19720 negation and weakness could continue further if sustains below 19480 for 19420/19360/19240-19200.
Levels wise for next session,failing to stay below 19630 could move to 19680-19690 and above that could probe 19720/19750-19760 if sutsains 19790/19820 possible. Not able to stay above 19760 and move below 19680 could test 19650/19625 and weak below 19620 for 19590-19580/19550-19545 if sustains further then 19515/19480/19380-19365 possible.
Weekly :
NF had a close above 19680 wide POC last week. Sellers if pushed below 19680 then considered as minor weakness and major weakness below 19620 considered for a probe of 19540/19460/19420/19360/19240.It travelled till 19360 then boucned this week to close at dVAH. Lower value week but got a close at dVAH..
After such close at VAH on lower value week, buyers should get follow through higher from this week high to get 19760 if sustains 19820/19860/19920-19960 which could reject. If accepts more bullish towards 20050/20130. Failing to to get follow through higher or sustain higher and dropping below 19620 is weak to get 19570/19520/19480 and below that major weakness towards 19420/19360/19290/19240/19200 then bounce possible..
Monthly :
19620 considered as pivot for the coming month.Staying below 19620 first leg for Oct marked till 19360 which it got probed then bounced..This bounce now closed above 19620 this week.Oct now locked between Sep POC and VAL after first week of auction. If stays above 19620 then another overlap month auction with move upside till 19820/19960 towards Sep VAH then decide there..If not able to stay above 19620 then could drop to 19480 dVAL of current month and sustains means again back to 19360 and that goes means second disbn down on monthly possible with a move towards 19240-19200 then decide there.
Charts
Daily :
Weekly :
Monthly :
Data :
Notes :
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