Nifty Future is trading very close to the all time high with mixed trading sentiments from market profile and indicator which could eventually lead into a sideways to uptrend phenomenon. Market internals are increasingly holding positive and put writers are aggressively killing the option premium at 9800PE, 9900PE, 10000PE, 10100PE. Diwali’s emotional trading is overcome by the Monday’s price action.
Market Profile – Nifty Futures
Nifty futures major key reference levels comes around 10200 and 10211. Any price acceptance above those levels could bring a potential short covering as stops are built above those zones and a possible retest towards all time high. However price trading below 10200 could bring a sluggish sideways movements in the very short term.