Nifty Futures Daily Charts
Nifty futures on the daily charts continues it positive sentiment with one timeframing visible on the daily timeframe. However trading range was tighter due to the prevailing low volatility despite increasing global tensions. In the near term 9830 continues to be the short term support. Price acceptance below 9830 will change the current sentiment to negative.
9700PE and 9800PE writers currently active and continue to support whenever nifty spot breaks and close below 9800. India VIX is currently at 12.57. Overall August expiry session continues to show increased volatility.
Nifty Futures Market Profile
So far this august series presented with 4 failed auction patterns the maximum which we can seen in the recent days. First and second failed auction references failed to clear on or before t+5 th day. However thursday and fridays trading presented with back to back failed auction.
Poor Structure combines with emotional selling on 21st Aug 2017 trading got repaired in the subsequent trading sessions. Sentiment is holding positive from the profile perspective. Value area continue to build higher. 9920 and 9960 continues to be trading references to be monitored on the higher side. Trading sentiment is likely to turn down if the price acceptance comes below 9830.
The recent tops in nifty futures at 10150 continues to be a weaker reference with lack of excess formation. Could be a potential zone to look out in the very near term.