NF had registered heavy volume on 3rd day of one time frame down and closed below dPOC of long liquidation profile on expiry day. To avoid liquidation further buyers expected to clear 19810 and 19860 in next session else more liquidation below PDL expected. NF had a open drive clearing 19810 but failed to hold drive and gone for liquidation in IB itself below PDL..Then another rally clearing 19810 also failed to sustain and gone for day low test then closed at dPOC..
4th day of one time frame down.
Poor low.
Not by bookish definition but context wise kind of failed auction top.
Swing obj not able to hold 19990 marked till 19675 and NF made a move now till 19690.With this poor low and by auction at close which is incomplete suggesting swing low not yet done..As mentioned in last report it could stretch till 19625-19575 if not able to hold there then 19520-19485/19420-19400 possible.Swing res for the same at 19860 now and once moves below 19575 it could move to 19810.
Levels wise for next session, not able to stay below 19675 and move above 19720 could test 19750-19760 if accepts then 19790-19810 possible and bullish above that for 19840-19860/19890-19910. Not able stay above 19785 could drop to 19740 if accepts 19705-19690 and weak below that for 19650/19615/19590-19570 19530/19505/19485 possible.
Weekly :
It was triple distribution week and closed at high last week. 20120-20090 band considered solid support. Either balance between 20090-20270 or one more push higher above 20270 expected. Below 20090 expected till 19965 and goes means 19850 marked. NF could not sustain above last week high and gone down way below 19850 and closed at low as long liquidation week. Notable auction from the week is that we cleared triple disbn week low with volume which triggered weakness in weekly time frame now.
Wide POC 19780-19810 zone pivot for next week. As long as staying below this pivot, looking for weakness to continue towards 19625-19575 band then bounce back to 19780-19810. Below 19575 could move to 19525/19485 then bounce else 19400 and bounce possible. Below 19400 could get 19250-19200. Above 19810 could get 19890-19920 if accepts 20030/20125 possible.
Monthly :
Mentioend that with dPOC for the month still at 19650, NF ran too much away from dPOC. Max 20400 then expected balance with a move back to 20040. NF moved down to 20040 and instead of balance gone for reversal. Notable auction now in monthly time frame is, it moved down back inside two month composite and almost at VAH zone of this composite.. So, no bounce from 19675 zone could drag it further down towards 19575/19525-19485 inside two months balance and no reponse from buyers there means more weakness as the case of trending month failing with volume so to reach lower end. Upside for any balance above 19810 now to get 19920/20030/20125.
Charts
Daily :
Weekly :
Monthly :
Data :
Notes :
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