NF had high volume outside day + neutral extreme up auction with large spike close on expiry day. 22460 buyers had to defend next else test of 22400-22380 then bounce expected. NF gone for testing spike low at defended there then remained as higher value day all session and closed at dPOC.
Low volume short covering profile.
Acceptance in spike hence buyers job to defend this value of P and stay higher next. Failing to sustain above this P could get overlap in value and acceptance below VAL could again go for testing spike low zone then bounce else weakness.
22380-22420 now good swing support on daily time frame after this value in spike zone auction.
Levels wise for next session, defending 22460 and staying above 22505 could get 22535-22550 if sustains 22580-22590/22630-22650/22685/22710 probe. Not able to stay above 22540 and moving below 22490 could get 22465 weak below that for 22435/22410/22385 and more weakness below 22380 for 22350/22310-22295 if sustains 22255-22240/22210.
Weekly :
Triple distribution down trend profile it was last week. Considered 22330 then 22470-22510 zone as strong resistance.Holding below 22330 was looking for balance to skew down to clear weak low at 21950 to get 21890-21850 then bounce expected. It travelled down to 21900 at start of week then moved higher to test 22330 zone which has given sm pause then after a outside day moved higher to clear next res 22510 then closed higher as triple disbn upside week.
22380 solid support for the week.Holding that upside open till 22610/22660/22710 then rejection possible to rotate down towards 22550/22440/22380 if goes means 22320 then 22250 which is very good POC zone from last two week to give bounce..If accepts down there then 22140/22050-22010 then bounce possible..Goes further means 21890/21850 and below. Staying above 22710 test of 22780-22820 if sustains then 21890-22930 possible.
Monthly :
7th month of one time frame up in May but after clearing high of Apr, May started trending down and downside got incomplete auction.It has gone for acceptance below 22350 last week which mades it weak to get 21900-21850/21700-21650 and more. It made only till 21900 then bounced off for overlap month now and at dVAH of May month now at 22500. As mentioned in last week report monthly accepting above 22510 calls for reversal back 22640-22690/21780-21820.Focus on this in coming week for NF to stay higher to get more push upside.22380 then 22250 two support for the month now..One support goes means another support test and that also goes means back to dVAL of month 22050-22000 probe.
Charts :
Daily
Weekly
Monthly
Data :
Notes :
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