Nifty Future short-term trading inventory getting long to too long. It is high time to keep caution on long positions as the Nifty rallied nearly 1000 pts in the last couple of days in a very short span of time. Dominant sellers are attempting to take control of the market.
From the Market Profile perspective, short term inventory getting long to too long is a trading scenario where extreme high enthusiasm running in the market will be followed by profit booking in a very short term.
In the very short term looks like 16500 and 16350 levels are possible. However, sentiment is expected to get weaker and have higher odds of breaching the May series month low i.e 15733 during the medium term as weaker references are at 15900 and 15750 levels. Which Brings me the thinking sell in June and go away!