Daily market summary of NF and charts, data of NF & BNF -29Jul'21

NF printed 3-1-3 profile yesterday. Acceptance of tail was considered for trend. 15730-15745 considered as resistance and above this probe was marked for 15795-15810. NF accepted this res band at open and gone higher and probed till 15810 in a slow higher value day then closed below dPOC.

Pointers from the day :

NF left a buying tail and accepted in yday selling tail with higher value and got range extension higher..Buyers were in control.

NF negated extn singles of 27th 6IB down day but yet to clear extn handle of the day 15845(15820 of July adjusted for Aug now)..Above this more bullish.

Though NF had a higher value day and negated yday selling tail, today's auction was with some mechaincal refs supporting and with poor value area..To avoid for repair of poor value area and continue bullishness, NF should go for gap/drive at open and then defend value area else overlap session to repair value area possible.

V shape rally was not the case with structure and expected sideways to downskew move. NF placed a dent on this view with higher value today acceping tail and extn singles overhead..Accepting above 15845 could negate this view fully.And once done,15780 becomes good ref for buyers to look for follow through higher further.

For next session, 15830-15845 resistance zone..Acceptance above 15845 could test 15870/15895/15920 and quite bullish above 15930 for 15960/15990.

Failing to sustain below 15760 and accepting above 15800 could test 15845/15870/15895/15920.

Failing to sustain/scale above 15845 could drop to 15800/15760 and weak below 15760 for 15730/15690/15660 if sustains then quite weak for 15620/15590/15545-15535/15450.

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Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members via private blog.

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