Nifty December 2024 Futures started with trapping the sellers who shorted on Thursday trading ending the month with strong comeback from the very short term perspective.
Halftrend Hourly Trend Changes to Long
Nifty Futures hourly supports around around 24000 levels and turned to buy mode on Friday’s trading session.
Nifty Drawdown
Recent Drawdown in Nifty Futures reached -11.37% on 21st Nov 2024 from the all the time high. Since then market is in recovery phase with current recent drawdown at -7.83% with a reasonable pullback.
Orderflow too showed signs of Smart Money Absorption with a strong Smart Money commitment on 22nd Nov 2024.
India VIX
Post U.S election results the markets volatility started return back to normal and currently down below 15 handle (14.66 as on Friday 2.15p.m)
Nifty Open Interest
Nifty December monthly options shows highest open interest at 24000PE indicating a strong comeback from the buyers.
Short Term focus remain towards 24500 and 24650 levels in short term for next week.
