NF had Gap + FA + NE up day close in last session and observation was that buyers were still in control and expected them to tag 16450 next holding 16250. NF got a clean gap again right above 16450 then solid open drive it did to get short covering auction all day.
It was clean gap up and open drive day. Buyers not yet leaving the grip and high is not yet secured..Left poor high at top..
Short covering profile..Such profile inside large balance could be sign of weakness..but such short covering after leaving away from 3 weeks of overlap suggets more upside left..Buyers next best get gap up above this profile or open drive with tail again..Failing to get any of this could go for repairing poor value area left before next move.
NF closed large gap zone of 16475-16660 today..Next if they could pull value higher above 16650 then could travel towards 16740/16800-16840 zone. Once moved higher with value above 16650, immediate support would be 16600.
Buyers of Thursday session from 15950 got two back to back gap days and met marked obj 16450. Swing support now moves to 16350 from 16200 and no weakness till we clear that.. As long as that holds, bias is to look for balance/skew higher.
On weekly view suggested that buyers should strike early in the week to get 16450 then 16590/16650..All this done now at start of week itself..Now staying above 16350 they could drag this higher till 16800-16850 for the week.
Charts & 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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