On Wednesdays closing if you would have thought that this market has to go up and on Thursdays closing if you would have thought Nifty Futures have to go down, then welcome to the trading world. Probably you are not the only one thinking, probably thousands of other traders also thinking the same way.
Most of the traders thinking the same way because everyone watches the same information right from morning 9.15a.m – 3.30p.m. If you have to explore the trading edge then one have to think better from the competition compared to the existing crowd who watches the price or price based indicators to take trade decision.
On the Daily charts still price rotating inside the larger short term balance zone 10300-10630 range. And also price is currently trading around the previous month low 10290. And last three days of price action is mostly dominated by the short term trading crowd rotating in a sideways fashion. From the directional trading perspective still holding a neutral view on positional trades.
Nifty Futures Market Profile Charts
Thursdays price action Nifty Futures rotated most of the time around 10403 and formed a prominent POC and slided down. SGX Nifty currently indicating a gap down around 10325 levels. Hence 2 day low breakout has to be monitored for any further continued confidence. Price trade back above 2 day low (10342) indicates lack of serious sellers. Which could potentially test towards 10403 and previous week high levels 10437 levels. Else downtrend likely to continue further.