Nifty Futures quick flip trading system is currently trading with immediate base supports coming around 11027-11043 levels. Price holding 11027 is very critical for the current uptrend to continue. On the Daily timeframe indicator sentiment still continues to be negative for the 6th consecutive trading session. Hence any price move down below 11027 could bring immediate weakness towards 11907 levels positionally.
Momentum players are actively flipping back and forth with Wednesday being controlled by momentum sellers. With the increased volatility markets are expected to trade in sideways to downtrend mode.
Monday – Momentum Sellers
Tuesday – Momentum Buyers
Wednesday – Momentum Sellers again
Index VIX closed around 17.09. And 10-Day ATR stands at 159 range which is a decent intraday volatility for short-term traders to take advantage of wild market moves and the nightmare for option writers as the short term trends, twist and turn in the markets way faster than the anticipated. However so far markets had rewarded the call option writers since the start of the series considerably.
Volatility is expected to remain elevated in the upcoming sessions. With this volatility, one need to stick to some sort of rule book rather than predicting the wild intraday moves very often. Overall system is expected to deliver a sell signal if price manages to accept below the 11027 levels.