Nifty futures made a inside bar on the weekly timeframe despite continuing global tensions, global market corrections, FII selling in index futures and cash segments and local events like Mr.Vishal sikka resignation from INFY which is a strong indication that sellers are not aggressive yet compare to the aggressive buyers.
Nifty Futures on the weekly timeframe had lost a weight of -3.7%. Trading sentiment continues to be down across all the timeframes. Markets are continuously falling on global tensions as long term trading activity is greatly missing from the markets. Pullbacks are possible if the global tension eases out. Nifty futures move above 9750-9763 band in the very short term could bring some momentum on the upper side.
Nifty likely to open gap up today around 9940 levels which is perfectly normal for a bull market sentiment. But then historical charts shows increased risk on long holdings as Nifty Futures have 10 more unfaded gaps in 2017 alone which indicates that new buyers are coming up at every gap up scenarios and every pullbacks. Street is now anticipating 10,000 the psychological 5-Digit magical figure.
Technical resistance in ES-Mini S&P Futures built around all time high . Price is currently whipsawing around the psychological reference around 2400 multiple times on Wednesday trading session. On the hourly timeframe trend exhaustion is witnessed and whipsaw on Wednesday is very frequent around prev day RTH session high. Overall short term rally from the recent swing low of 2344 looks tired and possibly it can test the reference back.
Nifty and Nifty Auto index is showing signs of possible medium term trend exhaustion on the weekly timeframe. Also recent surge in global markets volatility is a concern in the medium term. In the last three trading sessions 9500 remains the psychological reference and lot many stops are hunted above and below the reference and now price sustaining below the previous week high 9450 remains the key for sustained weakness in the upcoming trading sessions.
ES-Mini on Tuesdays trading session is showing weak buying activity and last two days ES S&P500 futures are continuously whipsawing around previous week high which indicates a possible weak buying. Resistance is built around 2402.25. Price is whipsawing around the psychological reference around 2400.
On the Monthly charts – Trend is up and one timeframing for the last 5 trading months. Weekly timeframe trend is up and onetimeframing for last four trading weeks . And on the daily charts Bank nifty futures is in one-timeframing mode for the last 10 trading sessions. so ideally all the timeframes are up and clearly momentum traders in control in the market.
Nifty Futures closed at all time high on Thursdays trading session. However still the overall market is in short term balance between 9300-9380 range since 26th Apr 2017 and consolidating for the last 6 trading sessions. Nothing much changed from the last top down analysis on nifty futures. Volatility in the market remains muted and banknifty is outperforming nifty future heavily in the past few trading sessions.
Nifty Futures on the monthly charts one timeframing for the last 5 trading months with all time high at 9366. Intermediate trend is up as well with less rotation seen so far on the weekly timeframe. On the Daily Charts markets are moving in a layered consolidation with indicates a weak market structure and the volatility for the Indian Market stood at 11.44 as on 2nd May. Increasing volatility is the only key for better trading opportunities in the upcoming trading sessions.
On the Monthly charts – Trend is up and one timeframing for the last 5 trading months. Weekly timeframe trend is up and also got out of the 3 week balance and also onetimeframing for last three trading sessions. And on the daily charts Bank nifty futures is in one-timeframing mode for the last 6 trading sessions.