Nifty Futures on Friday’s trading session again bounced back above important and critical reference 10564 (Double distribution reference). Thursday’s and Friday’s trading session involve more of a old money covering their shorts rather than a fresh buying. That brings the question is the inventory adjustment is over as short term inventory when short to too short on Wednesday’s trading.
Pullback low at 10580 levels on Friday’s session remains the immediate support for the upcoming trading session. In fact the structure on Friday’s session is poor indicating more of weakness in this uptrend. Trading sentiment remains up as long as trend holds above 10580 levels. On the lower side weaker reference levels 10413 , 10303, 10150 levels are the immediate downside weaker reference levels to look into it if in case nifty gets acceptance below 10580 levels.
