Nifty and Bank Nifty showed late selling pressure on Tuesday trading session. Nifty market profile structure ended with Poor High and Genuine Reverse Spike. So Market Profile – Spike Rules are applicable for Wednesdays trading session and Bank Nifty ended with sharp Excess on Daily timeframe and from market profile perspective as well with strong tail indicating a strong short term resistance around 49700-49950 band
Nifty Market Profile – May Futures

Nifty Futures Price holding down below the spike base bring a short term negative sentiment towards 22650 and 22520 levels.
And Bank Nifty Futures price holding down below the spike base brings a short term negative sentiment towards 49000 and 48800 levels.
Bank Nifty Market Profile – May Futures

India VIX for the last 4 days is consecutively rising and back to the levels as of 23rd Apr 2024 levels where India VIX witnessed a severe intraday drop . Short term sentiment in Nifty indicates a possible inventory getting long to too long. Which indicates the risk of long increasing in the markets positionally. This raises once again the speculation of Volatility ahead of elections.