NF had a long liquidation auction on expiry day. Inside day + OAIR day repairing DD profile of last session and expected imbalance session next.23685 mentioned as ref for next session and not able to scale and clearing PDL expected long liquidation for a move towards 23515/23445/23395. NF got open test drive down from 23670 and IB itself probed till 23430 then bounce got rejected above IBH at 23685 and dropped again to 23465 then closed at dPOC.
Almost a normal day except that swipe above IBH which left selling tail.
Volume was good and buyers not showing panic yet.Till they claim back comfortably above 23660 pressure with them.As long as we stay below 23660 more downside odds as NF cleared 3 weeks low and resolved down after good balance for two weeks.
After that whip move on 08/01 with weak weekly lows, swing down move marked below 23725 to get 23650/23575/23525/23445/23335/23200..NF probed now till 23445 and negation moves to 23685 for 23335/23240-23200/23050.Whenever 23685 accepts clean reversal towards 23750/23840/23950-23980 possible.
Levels wise for next session, move above 23605 could get 23640/23675-23685 if sustains 23715/23745-23760/23800/23835 probe. Not able to stay below 23420 and moving above 23480 is risky long towards 23510/23545-23560/23600. If fails to stay above 23540 and accepting below 23495 could get 23460 weak below that for 23425/23395/23345-23335.Further weak below 23320 for 23295-23275/23240-23220.
Weekly :
Mechanical weekly lows from three weeks then got rally last week and closed at dVAH..Buyers not able to get range extn higher early in the week mean reversion down to HVN zones of last two weeks i.e, towards 23950/23800 marked and then expected to remain as another overlap week. Considered 24050 pivotal support for the week and marked weak below this pivot to get 23975/23900-23850 bounce else 23750/23700-23675 and bounce else 23600/23520/23450/23335/23200/23050 expected. NF started the week with liquidation going below 24050 to get till 23600 then did overlap then resolved down further till 23450 then closed at lower end.
Trending week closed below 3weeks low = weakness. 23650-23680 solid res for the week to look for 23335/23200/23050 and bounce for balance then later could move towards 22800/22650. Without clearing well below 23200 not expecting above res zone of 23650-23680 to be cleared..If at all cleared then sharp move higher towards 23760/23840/23950-23980 minimum.
Monthly :
Monthly time frame auction expected supply at 24350-24450 zone. And once rejected in this zone and breaks 24050 and 23900 then marked move down for Jan towards 23750/23600/23450/23200-23050. NF following this path sofar in Jan.Rejected above 24300 and cleared 23450 as of now.Downside expecting to clear 23200/23050 pause and balance then extend down for 22800/22650-22500 bounce sharp and balance for multi week 1000-1500 points range. 23800 immediate res for Jan accepts means test 24000 pivot reject later get upper end 24300-24400 and above that clean reversal higher.
Charts :
Daily
Weekly
Monthly
Data :
Notes :
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