Nifty Futures – Dominated by Poor Structures – Market Profile

Poor Structure in Nifty futures that the regular daily structure last couple of days indicating that more of emotional shorter term players are reacting to every tiny news information very emotionally. However, there is a lack of serious money last couple of days keeping the market in a 200 point tight range since 25th May 2018.

In very short-term markets are expected to continue in a range 10600 – 10800 point range in the first half of June series as the call writers and put writers are positioned tightly in control for the series.

Because of the global cues, Nifty futures on Monday morning opened with the greater positive sentiment. However, the sentiment hadn’t lasted long. Price went on the downside to test two day low in June contract. Daily Profile sentiment changed to negative mode resulting in a poor structure and poor low.

Overall range is 10560 – 10740 in the last 7 trading session which forms the short term balance. Price looking down below the balance and re-entering suggest an immediate test towards the other side of the balance.

Key Reference levels to watch

1)Mechanical Reference at 10560

2)Poor Low at 10586

3)Poor High at 10744