Large gap down and lower value day on expiry day.After noise at open if accepts gap then considered bullish and below 23910 considered weak for a move towards 23850/23820/23750. They had a good noise at open between gap and 23920 then started moving below PDL and all day stayed down to get way below 23750.
4th day of one time frame down.
Trend day down.
Odds for two way balance between 23850-23650 roughly for good time if we open inside range..If accepts above 23850 with volume drive or after sm balance then test 23950/24050 zones then could rotate down for balance..Weak if stays below 23650.
Levels wise for next session move above 23710 could get 23740-23755/23790/23825-23835 further bullish above 23845 for 23880/23910/23950 if sustains 23990-24010/24050 possible. Not able to stay above 23860 and moving below 23780 could get 23750/23720/23680 bounce else 23650/23590/23565 odds and further weak below 23550 for 23490-23470/23435-23420/23385/23335.
Weekly :
Inside week it was for NF last week. Considering composite two week P, buyers had to push higher early in week.Not able to push higher but back in value area of this P means odds were marked for overlap to fill back value area.24720-24760 considered pivot for the week and below that marked for 24650/24580-24550 then 24450 and below.They started the week accepting below 24720 and all week gone for one time frame down to get 24450 and then got much lower push and closed at low of the week.
Multi disbn down week with gap in between. Accepting above 23700 could go for sm balance in that case 23650-23850-23950 zone could watch for a fill. Above 23950 test of 24035-24060 odds then decide there. If accepts 24060 then could get 24160/24240-24260.Not expecting anything beyond that for the week.If accepts above 24260 then 24330/24440-24460 odds. Rejection around 23950 or 24050 zone could rotate down back to 23850/23740/23650 hold. If stays below 23650 weak for 23550 and below that could move towards 23450/23335/23240/23050.
Monthly :
As monthly was making P, 24400-24450 band marked as ref for month of Dec as well as for Jan.Whenever 24400 goes expected move down towards 24200/24050/23850.NF moved down below 24400 till 23575 now and again same band res for monthly now 24400-24450. As long as we stay below this, balance is fine but downside could extend down towards 23200/23050/22850 in coming months.After seeing one more week auction could bring down this res zone.
Charts :
Daily
Weekly
Monthly
Data :
Notes :
a) Check glossary page in website if any of the terms used in the post are not clear.
b) If images are not clear, click on them for enlarged view.
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