Nifty Futures is continuing its uptrend and approximately made 4% in the last 6 trading sessions. Immediate supports are coming around 10910 levels. Price sustaining below 10910 levels could bring a short-term downtrend towards Friday low i.e 10857 levels. Currently, quick flip uptrend on 5min charts is almost more than 1800 trading minutes old which is an outlier going by historical stats of quick flip holding period
Out of 28 sectors/indices that we are monitoring 25 sectors, daily sentiment turned negative since last Wednesday and only 3 sectors (Media, Pharma, Realty) are holding with positive sentiment. And Most of the sectors which tested above 200 day MA got back below 200 MA last week. Currently sectors like pharma, FMCG, Fin Service are holding above 200MA.
Nifty November futures post emotional buyers dominance took a 100 pointer on the downside. Trading sentiment turned down on the daily charts with immediate quick flip resistance comes around 10663-10674 band. Trading Focus remains down as long as the price is able to hold down below the immediate resistance band. Short term focus on the downside is towards the 10640 and 10580 reference levels.
Daily Sentiment continues to be in a positive mode for last three trading session. Quick Flip immediate support comes around 10750-1760 band. Current uptrend is almost 1290 minutes old and interestingly Mondays session is dominated by emotional buyers and call writers are being active around 10800 levels which puts a cap on Nifty spot with EOD resistance around 10800 levels.
Nifty Futures quick flip holding its buy mode since last two trading sessions current supports are coming around thin band of 10671 – 10678 levels. Short term sentiments are expected to change only if Nifty breaking and sustaining below the thin band of support levels. Near term resistance is expected around 10800 levels in Nifty Spot. Aggressive call writing is seen from the market participants in the last week.
Nifty is still trading in a 10500 – 10640 consolidation range where quick flip strategy turned to sell mode around 10587 and it continues to be in the sell mode with immediate resistance coming around 10510 – 10523 band in a very short term. Momentum selling stays as long as price stays below 10510-10523 band stays. The Next destination target is to look 10350 levels.
Quick Flip continues to be in positive mode since 31st Oct with immediate supports coming around 10610. Momentum continues in the market as long as Nifty holds above 10610. If one has to trade the weakness, a sustainable move below 10610 is required that could trigger the downside key reference levels 10500 and 10345 levels in Nifty Futures in short term.
Nifty Futures quick flip is continuing its uptrend since 31st Oct 2018 onwards so far current buy signal completed 6 trading session or 1785 minutes. Comparing with the historical holding period (2011-2018) for Nifty futures quick flip had 74 occurrences out of 1142 trade where its holding period exceeded beyond 1750 minutes.
Nifty Futures quick flip is in buy mode since 31st Oct and more amount of time is spent in that signal. Current immediate resistance comes around 10615 levels with a possible short-term move towards 10480 levels. For any positive momentum to occur price need to scale back above 10615 levels. Daily Trading sentiment holds positive.
Nifty Futures quick flip is currently in sell mode with immediate resistance comes around 10103 and 10132 levels. The strategy remains in positional sell as long as both the resistance level holds. Breaking above 10132 quick flip could switch to positional buy mode targetting 10400 levels. Trading sentiment holds negative on the daily and weekly timeframe. Any positive flip requires nifty to sustain above 10103 levels.
Nifty spot bounced of from 3rd Standard deviation extreme band signs of caution for positional shorts out there as it historically indicates a kind of oversold markets with a greater odds of a bounce back in the short to medium term. Lack of sellers confidence is an opportunity to fade those sellers in a very short term. Current extreme indications come around -7.4.
Wednesday’s profile structure is interesting as it turns out to be a classical trend day. On a Down Trend day market one timeframe lower without breaking the previous bar high. i.e making lower high on a 30min charts. Once the one timeframing broke on Wednesday trading in Nifty Futures.