FA low and NE up day closing at high in last session..Look below 5days balance and back in closing composite move it was hence expectation was to get to other end of 5days balance.NF had a large gap above 5days balance which lead to short covering first then ended as trend day closing at high.
Large gap up.
Solid drive with volume leaving buying tail at open.
Double distribution trend day closing at high with volume highest in Dec.
All above info suggesting start of fresh leg.
For next session, immediate good support is 21280-21310 band which buyers need to defend if opens inside range and look for overlap in upper distribution then could push higher further..If 21280 goes means next good support zone is 21245-21220 to hold and push higher.Weakness only below 21200 to look for gap fill.
As discussed in commentary today, immediate obj for the leg started today with gap is 21320+ which they completed intra itself. Swing opened up for 21420/21500/21650/21850 for the remaining month.Negation for the same now at 21000 which is sealed ref for the month now.
For next session, move above 21345 could get 21380/21410-21420 pause and later sustains means 21450-21465 which could offer good resistance. If sustains 21465 then 21500/21530-21545. Not able to stay below 21280 and move above 21315 could get 21345 then remaining obj till 21420/21450 as mentioned above. Failing to stay above 21400 and move below 21350 could fill back 21320-21310/21285-21275 and weak below 21270 for 21245/21225-21215 then should bounce else 21180/21150/21120 possible.
Charts and data :
Notes :
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