Nifty Futures got into oversold levels on Thursday’s closing with extremely negative sentiment and got a technical bounce with inside bar formation on Friday’s session. The current context remains down but however, but context can turn positive only if Nifty is not able to trade above last Friday’s low which is nothing but an AB Poor Low.
Last week India VIX too got volatile but Friday VIX cooled down despite a spike in VIX on 2nd Aug and 3rd Aug. Which brings the negative sentiment to neutral.
Any upside references 19700(Weaker High), 19800(PPOC) and 19850 (AB Poor High) are the reference level to watch in the very near term.