Previously NF had 3–1–3 profile on Friday and two days of composite short covering P shape profile, thus buyers needed to sustain 21770–730 zone to get a range extn higher. Buyers failed today. After open test drive down NF gone for long liquidation auction all day and printed elongated b shape profile.
Selling tail and long liquidation b shape profile along with dev POC ( Point of Control ) and dev value shifted down into close as well as minor spike down which closed at low. Auction incomplete at close. Quite a weakness in structure now.
Exhaustion at 21811 from buyers and sellers took advantage and printed value lower. 21525 minimum objective expectation for this move down which is 27/12 profile VAL ( Value Area Low ) zone then can probe 21485 wide POC from 26/12. These two zone can see buyers responding and push higher for mean reversion; solid weakness if sustain below 21480 for 21435 / 21390 / 21350 probe.
Large value area and poor value today, if sellers fail to sustain below 21635 zone means it could go for overlap profile chopping into today's large value area. Short squeeze odds above 21705 which can probe 21760–785 zone. Elongated profile with poor value area so sellers ability to sustain below 21610 + range extn below 21560 to monitor entire session tmw.
- Bearish Hypos —
1] Fail to sustain above 21610 + below 21570 → 21525 / 21485 / 21435
2] Sustaining below 21480 weak for 21435 / 21390 / 21360 - Bullish Hypos —
1] Fail to sustain below 21570 + above 21630 → 21680–705 / 21735
2] Fail to sustain below 21510 + above 21540 → 21570 / 21595 / 21630
