Nifty Futures formed value area lower on Wednesdays trading session however holding on to the major support level 10698 on closing basis. Both Indicator sentiment and Profile sentiment are holding to negative. More under-performance seen in Midcap and Smallcap stocks. Now staying below 10698 is critical for Nifty Futures towards the downside references 10480. Value buildinng lower is the further key to downtrend in a very short term.
Key Reference Levels
1)P shape balance – 10697
2)DD Balance – 10620
3)Mechanical Reference – 10787, 10663, 10560
4) Weak ORR – 10482
Value buildinng lower is the further key to downtrend in a very short term. Trend could reverse towards 10800 again if price keeps holding above 10698 levels.