NF Daily Plan | 22nd May 2024

NF Daily Market Profile Charts :

Contextual Analysis :

NF previous session we had a short covering profile and fresh business was expected above P high and if there is no demand price would rotate back towards P tail to look for demand.

Today NF open near P profile VAH and was making small rotations and then got a clean range extension higher in D period to target 22580 levels above 22550. NF then above 22580 next destination marked was at 22620/22670 levels. NF made a high of 22677 and then closed below VPOC as a DD profile. NF got a small extension handle at 22580-590 zone and price closed near to that levels. NF 22550 is the near by demand zone and nifty bulls are in control as long as 22550 level holds.

NF is having back to back two AB poor lows and this is the sign of inventory getting long to too long but this bias can be tradeable only if NF breaks 22550 levels else these poor lows can wait for a repair at some time later.

Nifty bulls next session need to stay higher in the upper distribution of todays profile and if they ignore todays UD then its a sign of supply coming into the markets.

Levels of Interest :

NF bullish above 22630 targeting 22670/22707 levels.

Bullish above 22707 targeting 22754/22775/22800/22820/22845 levels.

NF unable to stay below 22550 and above 22590 targeting 22620/22630 levels.

NF bearish below 22550 levels targeting 22500/22470/22436/22400/22380 levels.

Below 22380 towards targeting 22350/22316/22225/22212/22160/22134 levels.

NF unable to stay above 22707 and below 22670 levels targeting 22630/22585/22550 levels.