Daily market summary of NF and charts, data of NF & BNF -25Jan'22

NF had a clean trend day down with 3IB down move on Monday.Observation was that no demand was seen hence holding below 17220-280 band more downside could be seen atleast a PDL test next session.

Swing wise mentioned that accepting 16980 was for 16850/16720 and for intra probe was for 16895 below 16960 then 16865/16835. NF opened around PDL and cleared 16980 straight to get swing obj 16850 straight and then bounced sharply.Bounce cleared Hypo C and later towards close got spike for Hypo B to get till 17310 then closed above dVAH.

Pointers from session :

6th day of one time frame down.

Some easeness from supply as buyers got very large buying tail and managed to probe till VWAP zone of 3IB down trend day..Next these buyers need to hold 17220-17240 band and then move higher above PDH to fill extn singles from trend down day till 17390-17420 zone..If that zone gets cleared then more bullishness.

As mentioned in commentary, intra day rise was with some good mechanical supports.Also data wise not much of demand was seen.Hence, buyers failing to sustain as mentioned above and started accepting 17220 then could go for mean reversion in value area to clear all those mechanical supports.

It was almost a trend day and then had spike close hence keeping 17220-17240 band as support for buyers to hold.If this goes then probe back to VAL/VWAP zone and VWAP zone gives up means then could look for 3-4 days of nice balance.

Trade hypos below.

Charts and 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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