NF had > 3IB triple distribution trend day down on expiry day. Staying below 22160 expected follow through down and accepting 22160 expected balanced session. NF held 22160 at open and below that probe marked till 22080/22040.They got 22080 then bounced and accepted above 22160 then could not sustain above IBH and all day gone for overlap balance session into 3rd disbn of previous session then closed at dPOC.
Failed auction at top.
Neutral center day.
Weak low and PDL.
4days of one time frame down.
Same observation as mentioned in last report.NF started 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. With weak low at PDL on Friday, downside not over yet for May.
For next session 22170-22185 resistance for sellers to hold and travel down to test VAL zone and sustains means more downside possible. Move above 22190 could test FA zone if sustains more upside possible.
Levels wise for next session, not able to stay below 22085 and moving above 22135 could get 22165-22180 if sustains 22185 minor bullish for 22210/22245 and more bullish above that for 22275-22295/22325-22335 probe. Not able to stay above 22200 and moving below 22160 could get 22130-22120 weak below 22110 for 22085/-22075/22050-22040 and more weak below that for 22010/21975/21950/21910/21850.
Weekly :
NF closed below VAL of higher value profile last week.Holding below 22640 expected weekly low zone 22500-22470 and bounce else move to 22400-22365 then considered weak below 22350 for 22260/22200/22080/21980/21890.NF gone for one time frame down holding below 22640 and almost done all obj marked with a low of 21950 then closed at dVAL of week.
Triple distribution down trend week and after current week auction, 22330 then 22470-22510 zone becomes strong resistance for May..Holding below 22330 looking for balance to skew down to clear weak low at 21950 to get 21890-21850 then bounce else more weakness. So, any bounce could be used to take shorts with negation above 22510 next week to look for probe downside towards 21950/21850/21750/21600/21500-21450. If 21950 not able to sustain down early in the week then bounce possible towards 22240/22330 then rejection and not expecting acceptance above 22330 straight.
If accepts 22330 then 22390/22450-22470 rejection possible..Acceptance above 22510 could push towards 21560/21640/21690-21720 quick.
Monthly :
7th month of one time frame up in May but after clearing high of Apr, now May is trending down and downside got incomplete auction. Expected balance between 22850-22640-22350 roughly for May.It has gone for acceptance below 22350 now which makes it weak.As of now two good resistance for May 22330 then 22470-22510 zone. Holding this two res zones looking for balance to skew down for remaining month towards 21900-21850/21700-21650 and more. Acceptance above 22510 could call for reversal back 22640-22690/21780-21820.
Charts :
Daily
Weekly
Monthly
Data :
Notes :
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