26th May 2020 - Weekly and Daily Analysis

Weekly Analysis:

NF VAs Shifted lower compared to last week. The price mainly drove down because of huge resistance around 9180 / 9200 zone and BNF is super bearish. Down move stopped around 8810 which is also the monthly VAL. Resistance around 9120, 9180 and 9200. Break above 9200, price can drive up to 9500 zone. Support around 8965, 8855 and 8810. Break below 8810, price can drive down towards 8400 zone

In BNF, the VAs significantly shifted low, forming a huge selling tail in the weekly profile. BNF stopped driving down exactly near weekly VPOC at 17000 and closed below 17300, indicating further down move. 17600 will act as resistance and break above can go till 18050 and 18300. Break below 17000, price can drive towards 16000.


NF VAs

VAH - 9045
POC - 8975
VAL - 8855

BNF VAs

VAH - 18054
POC - 17592
VAL - 17460

BNF Weekly Profile

NF Weekly Profile


Daily Analysis:

NF VAs

VAH - 9042
POC - 8995
VAL - 8965

BNF VAs

VAH - 17496
POC - 17208
VAL - 17010

BNF got rejected around 21st May VAL (17880) and drove down towards 17000. Broke support around 17300, indicating further weakness. 

NF got rejected around 21st May VPOC (9120) and drove down towards 8950 zone. Took support around 8940 and jumped towards 9050 zone. 

Both NF and BNF had a Normal Variation day, after an imbalance open

Hypo - 1 - If NF opens below YVAL, Breaking of 8920 zone, it might drive down towards 8850 / 8810 zone. 

Hypo - 2 - If NF opens above YVAH, initially it might drive down towards YPOC (8995), take support around this zone and bounce towards 9120 zone. If 9120 breaks, it might drive up and test 9180 / 9200. If 9200 breaks, price can drive up further and test 9340 / 9400 zone.
If YPOC is broken, price can drive towards 8940 zone and if that zone breaks, price will drive down towards 8810 zone.

Hypo - 3- If NF opens inside YVA, it might do some balancing moves between 9040 and 8965, break of any zone, can lead to 9180 / 9200 or 8920 / 8850 respectively

Side Notes:
1) NF is being supported down move is restricted by RIL, even though BNF is driving down. Any down move in RIL, we can see NF down move can be fast
2) ViX closed around 32.38. it was flat to negative. There was no spike in ViX, indicating slowness in price. If it doesn't spike towards 40 now, it might head towards 27 zone.
3) Ref Levels for NF today is 9120 and 9180 on the upside, 8965 and 8880 on the downside.
4) Ref Levels for BNF 17350 and 17600 on the upside, 17000 and 16400 on the downside.
5) In BNF, Singles formed around 17360 - 17300

BNF Daily Profile

NF Daily Profile

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