It was double distribution trend day up in last session. Buyers needed to run away higher early in session then never come back to wider upper disbn of below avg volume day.If enters into upper disbn then odds were there to test lower disbn for a probe of 21895/21865..NF had a gap up but failed to hold gap and closed gap in IB itself then later started moving down through upper disbn and tested lower disbn of last session with probe till 21900.Then bounced and closed at dVAH.
Long liquidation profile with a close at dVAH.Stay higher above value else go for filling this profile next.
Quite a poor value area it has left due to post mid session auction.So odds of repairing this profile next.
Lesser odds for directional move expected due to two distinct balances tossing price between.Same view again and now we have 4days balance below 21900 and 4 days balance above 21900..things likely to get more volatile if price starts juggle between this two clear balance we have..So, more two way auction possible in coming sessions..
21960 pivot for next session..Hold this and accept above 22035 then we could have sm rally higher..Not doing so and moving below 21960 could test today low zone again and goes means liquidation possible.
Levels wise, move above 22035 could get 22070-22080 reject else 22120-22130 possible and starts accepting above 22145 means probe is for 22180/22220-22240 or not able to stay below 21915 and move above 21945 could get 21975-21980/22015-22030. Not able to stay above 22060 and move below 22010 could get 21970-21960 and weak below that for 21930-21920 quite weak below that for 21890/21865 bounce else 21835-21825/21785/21755/21725 probe possible.
Charts and data :
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