It is a momentum buyers market when comes to Nifty Futures trading. Shorter term momentum traders are driving this market in April Expiry series. Every micro dips are bought for this series a typical behavior of momentum players. And the last couple of days shorter term inventory is getting long to to long. No so good indication for the current uptrend.
Current trend formation is based on rolling momentum where the participants are pushing the prices after the sideways market movements and the momentum players repeat it again and again after every sideways action. Current Supports are at 10490 levels. Breaking it could bring lower levels possibly towards 10370 and 10330 levels in a very short term. On the upperside 10600-10700 could be a EOD resistance zone which is tough to break in the near term as call writers are continuously defending this zone for quite some time.
