NF had a triple distribution down day with good volume after buyers failing badly to hold gap as well as swing support 19390 on expiry day and they closed with spike down. It opened with gap down below spike zone and all day had value lower to end up with another spike down..Swing move marked for 19240-225 to start with for the failure of buyers and that probe they done in last session.
Gap down and selling tail day closing at low after clearing that weak swing low at 19275.Weakness.
Bell balance closing below 2months balance. Volume at par with last session despite range lower.Imbalance move next possible.19275 immediate resistance for next session and swing resistance now moves to 19320-19340 zone.
Levels wise for next session, failing to stay below 19200 and move above 19250 could get 19275 if accepts bullish for 19310-19320/19350/19380-19390..If accepts above 19415 then 19440/19470-19480 possible. Not able to stay above 19290 and move below 19245 could get 19220/19200-19190 and weak below that for 19165/19125-19105 then could see bounce..If sustains 19090 then 19050-19025 possible.
Weekly :
Outside week closing at low. Need early follow through downside.19275-19315 res zone for the week to start with. If accepts this resistance zone then 19370-19390/19460-19480 looking for..Upside is capped around this zone for the coming week on any rally..Any value above 19480 could get 19550/19600.
Start of week holds and stays below res zone 19275-19315 then looking for 19165/19125-19100 then bounce..If accepts down then 19025 probe and extreme case for 18940-18910 probe.
Monthly :
August view was to look for 19270/19165/19050 holding below 19700. They held around 19270 earlier then bounced and again now moved below that 19270. Two month balance now resolved downside. Same view that downside probe still open for remaining probe zones 19165/19050-19025. Immediate resistance for monthly now at 19390 zone and major res at 19550 zone now till close of month.
Charts
Daily :
Weekly :
Monthly :
Data :
Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.
Notes :
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