Rajandran R Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in

Nifty Futures the Bullish Trend Continues after Overbought situation

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On Monday morning, the Nifty index witnessed a mixed trading session with significant fluctuations in heavyweight stocks. Reliance Industries started the day with a notable decline of 2.48%. However, it managed to recover from its initial lows as the trading session progressed. Conversely, HDFC Bank, ICICI Bank and Axis Bank stocks played a crucial role in maintaining the overall market indices in a slightly positive territory.

The observed market behavior can be attributed to a strategic index management approach, commonly employed when one of the major heavyweight stocks is anticipated to open with a substantial gap down or gap up. This tactic aims to balance the overall index performance amidst the volatility caused by individual heavyweight components.

Nifty Daily Charts

Nifty Futures on the Daily charts remains with a positive trend despite the recent over-bought levels

Nifty Hourly Chart

Nifty Hourly Charts indicate that oversold levels could bring the market from a pure uptrend to a sideways to uptrend situation and markets might start entering into the consolidation range between 19700 – 21000 range in the very short term.

Volatility View

Volatility too remains in a steady state maintaining between 10-12 for a quite a long period which indicates that calm slow and steady bull market.

Rajandran R Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in

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