Nifty Futures is nearing the expiry week. Still only 4 trading sessions left for the expiry and Friday being holiday due to Good Friday.
On Thursday Nifty Futures opened with the extreme sentiment (gap up). However, Nifty Futures failed to keep the buyer’s enthusiasm up and turned towards the previous days low and completely reversed all its gains in the early morning trading.
Quick Flip trading system turned to sell mode with immediate resistance comes around 11783. Price holding below 11783 and 11771 indicates a possible short term correction towards 11680 and 11640 levels.
Nifty Futures Hourly Charts
Nifty Hourly is balancing in a broader range between 11620 and 11840 levels. Currently there is a look above the balance and got rejected which brings the destination target towards the lower end of the balance towards 10620 levels.
Rejection is strong. Longs can be only initiated if in case price manages to sustain above 11780 levels