NF printed 3IB trend day on expiry session with decent volume and bullish data. Bias was to look for two way auction balance between 18550-18650. NF gone for the same in 18580 and 18660 range and closed higher.
It was all time high print day.
NF accepted trend day of 24/11 now with higher value.
Failed auction at low.
Neutral extreme up day closing at high.
Buyers of expiry session established more control and looking for sideways to upskew for few sessions to adjust that 140 pointer premium start of new series.Mostly this could be done with higher balance holding trend day ref zones.
Buyers for next session should hold 18620 to look for probe of 18690/18740. Weak below 18620 to test FA zone 18580 and quite weak below there to probe 18550/18515/18480/18450.
Swing wise mentioned value creation above 18550 to look for 18740. NF is on this route now..View negates below 18550.
Weekly :
NF registered narrowest range of the week for the year last week..Bias was 18220-18190 pivot to look for overlap towards 18465-18495-18510 then 18650/18690. NF whipped at 18190 with a move to 18155 then bounced to probe till 18660 and closed at high of the week.
Multi distribution outside week. Buyers need to strike early in the week to sustain higher above this outside week..As value is still lower, they need such move towards 18740 so that they could pull value higher to start the week.Once that is done 18600 becomes support to look further higher towards 18900.
Failing to sustain higher above 18650 early in the week could move to 18550/18500 then bounce for overlap in upper disbn of last week possible. Weak below 18500 for 18400 and below this quite weak and turns into neutral bearish to sell on rise for 18320/18240-18220/18120/18060.
Monthly :
Monthly as long as staying above 18190 expected to skew higher in upper disbn overlap on developing DD profile..NF swiped 18190 then skewed higher..Double distribution profile now got another extension higher towards close of the month..Looking for 18500 to hold for Nov close and might chop between 18500-18740-18900. Weak if clears 18500 for 18400-18350/18220 close..
For long term structure based on Nov DD profile, 18000-18100 band becomes solid support.Below this reversal on monthly.
Charts :
Daily
Weekly
Monthly
Data :
Notes :
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