On the higher timeframe, there was a strong negative sentiment observed in the Nifty. This resulted in a significant decline of almost 650+ points in the current week. The support level for Nifty Futures is expected to be around 16850 levels.
Market Profile Nuances in Nifty Futures
There are many short-term traders(sellers) in the market who are making decisions based on emotions and short-term gains. As a result, they are taking too many short positions, and some of them are getting trapped in their own strategy. This could lead to a potential adjustment in trading inventory ‘aka’ short covering possibilities.
Price acceptance above the recent spike base and sustaining and building value area above 17070 is the key to change in a short-term trend. Very short-term odds are positioned towards the weaker high around 17180 levels and higher.
Nifty Futures VSA Signals
Nifty Futures brings a composite double VSA signal with two bar reversal pattern to the upside on higher volume usually a possible end of downtrend and likely odds of starting a new short-term upside very soon.
