Two way overlap auction day with another poor low close in NF from last session.Supply was in control all day with no buying seen.Climax move from sellers was pending. Expected in a session or two that move towards 22080.Considered weak below 22360 today and final obj marked for 22080.NF had a open test drive down below 22360 clearing poor low from last session then all day remained down to probe 22080 and below then closed at low.
Classic triple distribution trend day down.
3IB down day.
Though climax move happened today,volume and data says this is start of next leg down after having small pause once broken below 22470. So, any relief only above 22330 for buyers now that too for a move only till 22420/22470 and only accepting above 22470 could confirm any reversal / mean reversion back in May. As of now 22470 sealed for May.
Odds are there for follow up further below this profile next staying below 22160..If 22160 accepts then balance for a session or two then later move down possible towards 21950/21850 and below.
Levels wise for next session, not able to stay below 22065 and moving above 22110 could get 22145-22160 then bullish above that for 22195-22210 rejection possible.If sustains 22245/22275-22295/22325-22335 probe. Not able to stay above 22200 and moving below 22160 could get 22130-22120/22090-22080/22050-22040 weak below that for 22010/21975/21950/21910/21850.
Charts and data :
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