Short term sellers who showed their aggressiveness failed to show the continuation on Tuesdays trading session. Price opened gap down on global market sentiments however follow thro sell-off was largely missing in the markets and the day eventually turned out to be ORR day and price traded in a low confidence environment through out the day.
Nifty Futures – Daily Charts
Both trading sentiment and profile sentiment continues to be negative. However in the short term there could be a possible test towards prev week low 10200 levels as more and more mechanical short sellers are found initiating trades at those references. Short term resistance is likely to be expected around 10256 levels (distribution reference). Will be praticing mostly sell on rise mode towards the stop hunting of larger timeframe as we discussed in the earlier section
Current Swing low is not a secured low yet and has the higher odds of revisiting in short term. As time progress more and more long stops are getting built around 10000 – 10050 levels. And there is no easy money in the markets though!