Nifty cooled down a bit from the extreme bullish sentiment on wednesday trading which also closed the tuesday gap. Last 30min sell-off turned Nifty to a late spike on the downward. That triggered a sell mode in quick flip strategy with immediate resistance comes around 11727 levels. In a short term 11712 – 11727 needs to be monitored for the continuation of sell signal. As long as price stays below 11727 sell mode holds Nifty Futures.
Last two trading days have been predominantly dull boring day during most part of the trading session.
On the daily timeframe indicator sentiment turned negative. It is a soft turn so far not an aggressive one. So any flip above 11727 could put nifty in a tight trading range 11700 – 11800. However price staying below 11727 immediate levels to watch out on the downside are the weekly gap levels 11605.