Nifty managed to find support around 9700 zone and indicator sentiment turned positive on last friday evening. However profile sentiment manages to be negative as long as the price stays below 9814. Price accepting above 9814 could bring short some bullish bias back into the markets until then a sideways action between 9700-9814 is expected.
Any price acceptance above 9814 will push price above 9940 (mechanical reference level) in the very short term.
Fridays price action clears the anomalies created on 27th Sep 2017 which is more of emotional and poor structure. A Poor structure represents more of an emotional participation (surgical strike could be one of the reason for participants to go for short to too short in terms of inventory).
On Fridays trading session value got created higher despite the price closing on the lower side. Price acceptance above 9814 (previous spike reference) will resumes the profile sentiment to positive.
Put writers are active at 9700 and 9800 zones but not aggressive yet.
