Daily market summary of NF and charts, data of NF & BNF -21May'24

NF had Low volume short covering profile in last session. Buyers job next was to defend P value and stay higher..They had open auction around P high then later got extension higher which stayed higher all day then closed below dPOC.

Poor low and double distribution up day.

dPOC shifted to upper disbn then closed below it..This is job of supply from upper disbn today.They have to next stay below 22580 next session..Failing to do so could get overlap in upper disbn then could move higher for another range extension and once done should defend upper disbn all day.

Another day of poor volume..

Swing support moves to 22470 now from 22380. These slow auction lower volume auction not getting higher volume good tempo auction next session means possible to have a session or two inside 22470-22710 roughly.Later 22470 goes means test of 22400-22380/22250/22150-22050 with sm high volume move possible or sustaining 22710 could bring in some volume based spike higher move.

Levels wise for next session, defending 22570 and staying above 22610 could get 22640-22650 if sustains 22665 then 22690/22715-22725 probe.If stays above 22740 then 22775-22790/22820-22840 probe. Not able to stay above 22700 and moving below 22660 could get 22630/22600/22570 and weak below 22565 for 22525-22515 if sustains 22480-22470 and quite weak below 22465 for 22435/22410/22385.

Charts and data :

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