The September series of Nifty Futures commenced on September 1st with an AB Poor Low and exhibited a Double Distribution pattern. This suggests a positive note for the start of the series, with immediate support expected in the range of 19440-19480.
It’s worth noting that the US Stock Market will be closed on September 4th, 2023, for a holiday.
India VIX continues to exhibit low volatility at 11.36% and the Implied volatility of Nifty is around 10.55%, suggesting a subdued expectation for intraday movements. Traders should adapt to trading in a low-volatility market environment by lowering their intraday trade expectations.
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Monthly Options straddle Suggest a 71% probability of Nifty trading between 18799.0 – 20001.0 range
The trading sentiment shifted to a positive outlook last Friday, raising the possibility of reaching higher levels around 19700 and 19800 in the upcoming week.
