NF had triple disbn down trend day on Thursday..Observation was that back to back outside days rarely gets directional move and good pullback was expected towards 19720/19760 if buyers defended expiry low zone. NF gone for this move with a inside day on Friday.Acceptance above 19665 marked for probe till 19760/19795 and above, it made high at 19794 then dropped to close below dPOC.
It has printed inside day with buying tail.
DD trend day failed with swipe below VWAP testing lower disbn then closed below dPOC.
Struture now is two outside days then inside day which has negated clean down trend day of Thu as well as negated intra uptrend day at close..Such structure mostly leads more into balance than directional move esp lesser odds for directional move on downside.
Sellers need to push below 19680 for some weakness and more weakness only below 19650 acceptance in next session.Failing to do so looking for move back into upper disbn then PDH scale if accepts there more squeeze possible..Once moves well above PDH should stay higher..Failing to do so and back in day range could go for filling inside day profile.
Swing resistance now got cleared at 19760-19775 zone.As said in last report, this zone clearance again rally possible towards 19860/19920/19960-19990 then decide there.Negation for this view at 19620 now. Weakness could continue if we move below 19620 holding below 19760-19775.
Levels wise for next session, move above 19745 could get 19770-19785 and acceptance there could get 19820-19830/19870-19885/19920 if sustains 19960/19990 possible.Failing to stay above 19860 and move below 19805 could get 19775/19745/19710-19690 and weak below 19680 for 19655-19645 if sustains 19615/19580/19555-19540/19510 possible.
Weekly :
Notable auction at close of last week was that it cleared triple disbn week low with volume which triggered weakness in weekly time frame and closed at low. Wide POC 19780-19810 zone considered as pivot for the week and staying staying below this pivot, was looking for weakness to continue towards 19625-19575 band then bounce back to 19780-19810 and later below 19575 marked move to 19525/19485 then bounce expected. NF stayed below this pivit this week and gone towards 19525-19500 then bounced back higher for close.
Triple distribution week now got follow through with lower value overlap week with close above wide POC 19680 of the week.Sellers now should start pushing below 19680 POC for minor weakness and more weakness below 19620 to get 19540/19460/19420/19360/19240-19200.Failing to stay below 19680 could bounce back to 19790-19820 if accepts then move higher towards 19890-19920/19960-19990 possible which expecting to react to push down.If sustains this zone then more upside towrads 20110-20130 possible.Quite bullish above 20130 for 20210/20300+
Monthly :
Notable auction in monthly time frame was, it moved down back inside two month composite hence no bounce from 19675 zone means expected to drag it further down towards 19575/19525-19485 inside two months balance.Sep has gone for this move in second half. Now its failed trending month closing at dPOC i.e, first half bullish month failed to sustain and moved back to lower quad then now closed at dPOC.
19620 pivot now for the coming month. Two balanced months and now one failed trending month.Not able to stay below 19620, could ask for more balance i.e, bounce higher towards 19820/19960-19990 then should reject to fill back Sep value to remain in balance for 4th month.If sustains 19990 then possible to test ATH zone around 20150-20200 then decide there extension further or resuming down. If stays below 19620 then 19520/19420-19360 goes means more weakness towards 19200 then mild bounce and later staying below 19200 could get 18900 and more.
Charts
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Notes :
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