Nifty Monthly
Nifty Futures inched up on the higher side for the last two consecutive months and current rally is almost 950 points since Dec 2016. On the monthly charts long term trend up is up.
Nifty Weekly
Nifty Futures on the weekly charts on the weekly timeframe is clearly in a uptrend and one timeframing for the last 4 weeks which shows that intermediate timeframe buyers is in control.
Nifty Daily
However on the daily timeframe consolidation is seen for the last 7 trading sessions. Both Nifty Futures and Bank Nifty Futures are showing an intraday selloff in the first half of the session followed by second half of intraday recovery from the bottom for the last 7 consecutive trading sessions. And moreover Nifty futures is currently at the visual resistance zone @ 8835. so far Nifty Futures is struggling to close above this visual reference level.
Our Take : At this point Nifty Futures is underperforming US Makret and expected to under-perform in the shorter timeframe.
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