Nifty Futures Monday opened with higher but with low enthusiasm despite good GDP numbers on last Friday evening. Quick Flip indicator turned to sell mode around 2.45 after price started sustaining below 11713 levels. Interestingly day topped out in the first minute of the trading with clearly momentum sellers pushing the price downside for the last two trading sessions showing sign of positional weakness.
Sell off Continued aggressively in the last 2 hours of the trading session largely driven by momentum sellers. Immediate short-term resistance formed around 11692 levels. Further stops are visible on the downside around 11540-11554. Daily Sentimental RSI still continues to be in the negative mode for the 4th consecutive session.
Option writers at 11800CE took greater control over the open interest. So far highest open interest built-up among the September series. Overall Nifty Futures turned out to be positionally negative sentiment.
Will all due respect I don’t see any edge in this indicator . The whip saws are greater than the winning trades . I suggest making it a strategy in trading view if it’s worth your time or not.
If one is not able to manage whipsaws they should stay away from it. As simple as that. And indicator is already there in tradingview.