Nifty Futures on the market profile charts formed a poor high around 19850 levels which is currently acting as a short-term resistance. And the short-term auction is focused on the recent failed auction from last Friday’s price action.
Short-term trading sentiment is maintained negative for the last 4 trading sessions indicating a bearish pressure in the short term. The downside focus in the short term remains towards 19660 and 19550. Only price-breaking 19500 on a closing basis put more downside pressure in Nifty Futures.
Rising open interest around 20000CE and 198000CE is a wall of worry for the bull traders. Bull trends are sustainable only if Nifty Futures is able to cross 19850 levels.