Nifty Futures on Thursday session reached near the resistance level 11600-11650 band. The street sentiment is overheated and too many traders and momentum traders competed in the last couple of days.
Quick flip supports are coming around 11470-11480 levels and the trading sentiment is continuing positive so far. Breaking this band could turn the trading sentiment negative.
During this week market moved towards north despite negative news sentiment in the markets. Short term momentum traders jumped in the post the UK-EU Brexit deal news announcement.
FII index futures spiked on the day of EU-UK Brexit deal announcement. It is a weird data point when the street sentiment is bullish.
Price could find a resistance zone around 11650-11680 band as derived via market profile and possibly profit booking from short term players.
Twice short term traders were taken emotion decisions during the last 5 trading sessions especially the Tuesday and Thursday trading sessions. For any possible upmove to continue price has to break the strong barrier 11650-11680 to push towards 11800 levels and higher.
