Nifty Futures last Friday tested all-time high, however, breakout failure is seen at an all-time high which is immediate weaker sentiment.
Late emotional sellers showed up on Friday Trading session post the mid-day news announcement “Israel has bombed pro-Iranian militias on Syria-Iraq border”
Nifty on Friday tested the early morning lows and so the overall tone for the ended negative. That tone is expected to continue on Monday’s trading session as well. However immediate supports are available around 12200-12020 levels.
Time-based erosions are anticipated on the Monday trading session indicating a possible test around 12230 levels or even a little lower. Price rejecting 12200-12020 band is considered as a potential uptrend in progress as long as Nifty Futures hold on to the support levels.