22nd May 2020

NF had an open above YVAH and drove up towards 9170, Rejection around these levels made price to break down towards 9050 zone. It did not break the PDL like BNF because RIL was supporting. BNF broke PDL forming huge singles and also close near very near to YPOC (17556).

NF had a Normal Variation day without day low break. OTD Failure after 12PM. BNF had a Neutral Extreme down day. 

NF VAs

VAH - 9145
POC - 9117
VAL - 9082

BNF VAs

VAH - 18150
POC - 18054
VAL - 17880

Hypo - 1 - If NF opens below YVAL, it might drive down towards 9010 / 9000 zone. If 9000 zone breaks with momentum, it might drive down further to test 8950 zone (20th May VPOC). Break of 8950, will trigger another down move towards 8890 and 8830 zone. If 9000 doesn't break, price might bounce towards YPOC.

Hypo - 2 - If NF opens inside YVA below YPOC, it might get rejected around 9115 and drive down to test 9000 / 8950 zone. If NF breaks above 9115, it might drive up to test 9180 / 9200 zone. 

Hypo - 3 - If NF opens above YVAH, it might drive up towards 9180 / 9200 zone. Rejection at 9180 might drive price down to test YPOC and YVAL. If 9180 breaks, it might test 9220 and break of 9220 can make price to drive up towards 9300 / 9350 zone.

Side Notes:
1) ViX declined 8% and closed around 32.99, the down-move did not trigger ViX to spike. Will have to observe how ViX reacts to today's auction. If it doesn't bounce around here, it can go an test 27 zone.
2) NF was completely supported by RIL and some Auto stocks, that is why it did not break the PDL, whereas BNF was ultra weak and almost tested 20th May VPOC. No signs of reversal in BNF. 
3) BNF has singles around 17800 and 17670. Breaking 17900 is crucial for consolidation and further upside
4) Ref Levels in NF today are 9115 and 9180 on the upside. 9010 and 8950 on the downside
5) Ref Levels in BNF today are 17900 and 18080 on the upside. 17440 and 17300 on the downside

BNF Daily Profile

NF Daily Profile

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