In the last couple of days, the two-way auction process could have frustrated the positional traders to the core and information is very frequently changing and that made trading a bit difficult for most of the trading community who deals with index futures and options.
However Nifty June futures breached the low of 20th May and post that resulted in dominant trading activity – active trading money participation which brings a very short term bullish odds.
The price drop in Nifty June futures was steeper and recovery from the intraday low on Thursday trading session was, even more, steeper indicating that shorter-term momentum buyers are in control which brings the momentum trade setup towards the Pending PPOC levels around 16430+
Though the dominant trading activity is temporarily bullish however the low formed today is questionable and need to deal with this information cautiously during the June series as the odds are very higher that post a short-term price recovery price does have the odds of revisiting back to 15900 levels most likely around 1st or 2nd week of June expiry.
