It was double distribution trend day on expiry. For the swing started at 19600 marked obj as 19860/19920 for NF. Considered bullish above 19785 for next session to get 19840/19890. NF had done this move towards 19890-19920 in last session then closed at dPOC.
Failed auction at low.
Neutral center day closing at dPOC.
6th day of one time frame up.
Good selling tail at top which gets confirmed on break of 19825 for weakness and clears 19770 means probable excess top to look for balance/reversal.This tail important one due to skewed upper balance with thin lower balance for the day and the attempt to extend from such skewed upper balance failed at close and left tail. So, sign of exhaustion/distribution/failure if we clear 19825 then 19770. To negate this view, buyers of this skewed upper balance should defend 19825 and go for clean move higher negating tail top to get another solid squeeze and once done hold POC of the day all session next.
Levels wise for next session, failing to stay below 19825 and move above 19865 could get 19890/19920 and bullish above 19925 for 19950-19965/19990. Failing to stay above 19940 and move below 19880 could get 19850-19845 and weak below that for 19820/19795 if sustains 19780 then 19755/19730/19705-19690 probe.
Weekly :
Inside week closed above VAH last week. Buyers needed to stay above 19430 to start the week to get 19560/19620 if sustains 19700-19720 expected. They gone for this move straight then 19720 got a clean large extn to get another good run higher towards 19920. Good balanced week got spike close from Thu last hr.
19680-19700 Solid pivot for this week. And immediate support at 19770. Upside now they need to build value above 19920 to move towards 20020/20100. Failing to do so looking for pullback to 19825/19770 test then balance higher..If 19770 goes means 19700-19680 test and that should bounce else 19600-19575 which is negation zone for current week bullishness.. As long as that holds sideways to upside balance. Below this reversal to 19490/19420 and more possible.
Monthly :
Sep holding above 19380 balance again probe marked for 19620 max 19700-19720 then pullback expected. Above 19720 marked for 19850-19900. NF without pullback from 19720 gone straight to 19900 at start of month itself. 19500 for monthly now sealed. As long as this holds no trouble for Sep buyers.3rd month of overlap now and 19940 expecting reaction for sm balance else we could see sm shot up higher towards 20020/20100 before resuming for balance.
Charts
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Notes :
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