Nifty futures inching up with the positive sentiment despite the global tensions prevailed. Sep 2017 expiry series is likely to be interesting as markets are one timeframing on the monthly charts and so far unidirectional. Weekly Charts are balancing in a range. And daily charts got out of the resistance zone 9940-9960 levels which indicates that short term trend is up.
However declining volatility is a concern as which could lead the market into a compressed and range bound mode. India VIX is at 11.675. Expected Range for this series comes around 9800 – 10170 band which is the 68% probability range for this nifty september expiry.
Put writers continue to do their put writing business at 9700, 9800 and 9900PE strikes since the start of September expiry. Immediate resistance for Nifty futures come around 10119 levels and supports comes around 9970. Price maintaining and holding above 9970 is a positive sentiment in the very short term perspectiv towards the all time high reference. Price breaking and sustaining below 9970 could change the scenario to bearish towards the destination trade 9800.
Overall Trading bias continue on the positive side as the market internals are holding positive despite the Geo political tensions( and fundamental factors like GDP growth decline, local events like Mr Vishal Sikka resignation from INFY.
Please restart live signals of nifty and it’s shares
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