20th Jan 2020

@9.00 AM

NF Closed at 12377.5. Even-though NF made All-Time Highs at 12412.5 this week, the range NF traded was within 100 points. Volume for the entire week was less. BNF is weak and index was supported by some heavy weights like Reliance, Maruti, Bharti Airtel etc. NF is right now balancing and directionless.

NF VAs
VAH - 12394
POC - 12388
VAL - 12367

Hypo - 1 - If price opens above YVAH, it might drive up to test 12430 / 12450 zone. Expectation is 14 Jan might be taken out, for further up-move, price should break 12415 with momentum.

Hypo - 2 - If price opens inside YVA, it might balance for a while and later it might break 12390 levels with momentum to test 12450 zone or it might break 12360 levels with momentum to test 12300 / 12240 zone.

Hypo - 3 - If price opens below YVAL, it might drive down to test 12320 / 12300 / 12240 zones. This move should be supported with increase in volume and ViX.

Side Notes:
1) The price movements was entirely sideways and ViX was flat to mildly positive for the whole week. Any small spike in ViX might lead price to immediately crack and test 12320 / 12300 levels.
2) Results of TCS, Reliance, HCLTech met street expectation or exceeded expectation. There might be a gap-up on Monday, Will have to watch closely how price auctions on 20th Jan.
3) Due to 5 day balancing, NF price move on 20th or 21st Jan first - The OD / OTDs will be strong and range might extend provided with increase in volumes.
4) After IB formation from 15th Jan, price could not sustain or penetrate upwards effectively. All the price closed below IBH.
5) Many PPOCs are formed last week, 12355 - 12375 zone are very important levels to watch.

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