Nifty futures on Daily timeframe formed excess on election results day. Excess is the end of one auction and the beginning of another auction. However last Friday there is a failure to follow thro post the Excess and ended as an inside bar and still, the focus on the excess setup remains invalidated.
Short term bias remains focused on the downside as long as Nifty Futures remains below 11855 levels which is the halfback level on 23rd May. Which can be considered as a reference level to retain the bias on the short side.
maintainsQuick Flip immediate resistance comes around 11865-11880 levels as long as price maintain below those levels downside reference comes to 11800 and 11720 levels.
Though Volatility Index (IndiaVIX) crushed post the Election result day, Daily volatility of Nifty Futures retains higher volatility and 10 Day ATR volatility is still at 198 levels and in a increasing mode. So short term intraday volatility is expected to continue in near term.
