NF had a long liquidation profile resolving downside from Oct composite on expiry day. Expectation was to get 24750/24665 and below on swing.NF had a gap down and tagged 24650 then bounced back to composite and pushed higher all day then closed at dPOC.
Double distribution trend day up with solid tail at low.Lower disbn of the day now swing wise good support zone..As long as no acceptance in lower disbn of the day odds, to stay higher for few sessions.
Solid look below and back in composite auction with skewed POC at close. Buyers job next to defend this POC and seek further move higher for next session. Failing to do so could go for repairing upper balance of the day then decide.
Swing negation moves to 25080 from 25150 as probe till 24665 obj done and back into composite now.
Levels wise for next session, staying above 24965 could get 24990/25025-25040 reject else 25075/25110/25140-25155 odds. Above 25165 could get 25195-25210/25235/25240/25280. If fails to stay below 24860 and back above 24920 means overlap in upper balance with probe of 24950-960/24990. Failing to stay above 24990 and accepting below 24950 could get 24920 weak below that for 24890/24860-24845/24815 quite weak below that for 24775/24740/24705/24670.
Weekly :
Bell balance lower value week by end of last week below wide range liquidation week considered as weakness. Expected partial balance to start the week then extension down or one more week of overlap then range extn down to 24750/24650 expected. this week gone for partial balance then resolved down to get probe till 24650 then bounced and closed at VAL of 2week composite.
24800 sealed now as good support and 25040 resistance to start the week. As long as stays below 25040, odds to rotate down to test 24860-24830 zone then bounce possible. Once clears 25040, support moves to 24950 to look for 25140-25160 pause then 25240 reject else 25330-25350 and quite sharp spike above that towards 25450/25530/25630 possible. Weakness below 24800 for 24730/24660 and spike below that for 24575/24450.
Monthly :
Oct started as long liquidation month and expectation was to look for balance and skew down towards 24850/24675/24400/24250 for the month and 24675 done and bounced now. After last week auction, 24800 turns into support for Oct now..As long as that holds, two scenarios a) tight balance between 24800-25150-25350 for entire month or b) one time frame up towards 25150/25350/25500/25650-25700 then halt around there for pullback.Above 25700 spike up odds towards 25850-25900.Weakness below 24800 for extended b down towards 24700-24650 then spike down towards 24450/24250.
Charts :
Daily
Weekly
Monthly
Data :
Notes :
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