It is a volatile Thursday where Nifty futures traded in a sideways mode with increased volatility and wild swings and price manage to close around support zone 11545. Trading sentiment remain marginally elevated on the higher side with quick-flip strategy changed to positive mode around 2.20p.m.
However, Nifty Futures indicator sentiment remains negative. Means any price acceptance below 11545 levels will possibly bring sell signal in quick-flip with expectation on the downwards towards 2 days low – 11434 levels and possibly further lower. Maybe a kind of quick long liquidation is what expected if price maintains below 11545 levels in a very short term.
Call writers are highly stable at 11800, 10700 and 10600PE. 10600 remains as the immediate resistance for the current series. Asian Markets & European continues to maintain negative sentiment and local currency USDINR testing 72 levels(ATH) will bring some negative pressure on the stock indices