Monday trading session opened with a gap up with high buyers confidence and also it is a trend day in Nifty futures. Buyers confidence remains high until the end of the day. However short-term trading sentiment is getting extremely positive – sort of cautious signs of longs.
Despite the bullish confidence if Nifty Futures maintains below 11710 – 11706 band which is a cautious sign that possibly resistance is getting built around that region. It will not trigger a sell. However a possible warning sign for profit booking on longs. A short-term sell could possibly trigger below 11640 levels.
On the daily timeframe indicator sentiment still holding positive for the last 6 trading session and could continue to remain positive if price holds above 11690 levels on EOD closing basis.
