Jun 22 min read

Daily market summary of NF and charts, data of NF & BNF -31May'24

NF had back to back gap down days and then on expiry day closed at dVAL. Rejection in tail expected a overlap session. Friday attempt to accept in selling tail of expiry day failed and remained as neutral day between tails of Thursday then closed at VWAP.

Failed auction at both ends on Friday then neutral center close at VWAP..Indecisive close.

2days of balance and whichever side FA goes could have directional move that side next.

Levels wise for next session, bullish above 22770 for 22810/22840-22855/22890/22930/22980 quite bullish above 23005 for 23045/23090-23110 if sustains 23145/23190/23250-23270 possible then could rotate down. Weakness below 22630 for 22590/22565/22520/22475/22440 quite weak below 22430 for 22390/22360/22305-22295.

Weekly and monthly :

NF remained as double disbn upside week then then got dPOC skew higher and closed there.

Holding 22950 probe upside marked for 23120-23150/23210 then pullback expected.They started with this upmove right at start of week and on same day pulled back to pivot at close. Below 22950 marked till 22835/22680 then bounce else 22520-22470 expected..They gone for one time frame down to clear 22470.

Printed outside week now and closed around dPOC. Major event for market in coming week hence no structure or levels could help as they tend to mark levels first on such big event then later take care of structure..Context and structure wise, 22650-22800 considering as pivot zone heading to event.If sustains 22800 then 22950-23000/23150/23250 possible then reject else 23350-23400/23600 possible and outside chance for 23850-23900/24200. Any rejection higher and back below 22800 is weakness and once 22650 goes means 22400/22200-22150/22050 then bounce else 21750-21600/21200/20900/20600 probe.

We will get clear picture about range once event is over then could refine the range and levels by end of next week.

Charts :

Daily