Nifty 500 aka CNX500 trading between 8400-10000 levels since June 2017. Recently Nifty 500 for some time struggled around the psychological reference 10000 levels. Broken outside the upper balance, however, failed to continue sustaining above the balance indicating possible tired investors.
S&P 500 index is at the extreme positive sentiment getting into a sort of parabolic move. Since March 2009 $SPX moved from the low of 666 to 3329 levels. That is 5 times of returns since the major swing lows of 2009.
Nifty Futures on Monday Trading Session turned down which brings the short term trading sentiment down with strong liquidation. And also Tuesday session opened with a gap down and later price started balancing and accepting down below 12220 levels (one of the major support zone for this series)
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Last week nifty futures completely entered in a sideways mode. The entire 5 trading sessions ended up in range-bound price action between 12318 – 12412 levels. Too many short term buyers competed in the last three trading sessions building a short term support band in the range of 12318 – 12340 levels.
Short term sentiment continues to be on the positive side for the last 5 trading sessions and price is one timeframe on the daily timeframe. Immediate supports got built around 12345 levels
This Thursday we are going live in our trading room using Market Profile & Orderflow tools and will present about how to prepare for Thursday trading session in an unbiased manner. And will be providing deeper insights on Nifty and Bank Nifty Futures and Options Trading & the underlying trading sentiment associated with that day.
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Nifty Futures last Friday tested all-time high, however, breakout failure is seen at an all-time high which is immediate weaker sentiment.
Nifty Futures quickly recovered from US-IRAN tensions which were impacting the market mood in the short term. However, it quickly recovered on Thursdays trading session and managed to close with a double distribution with a single print reference at 12220 levels.
The last couple of days short term trading sentiment in Nifty Futures is purely a news-driven action responding to US-Iran Tensions, Threats & Missle attacks. Is that the true nature of markets? Yep in a very short term yes. However, these pieces of information are irrelevant when comes to a medium-term or longer timeframe perspective. […]
There will be a theme that is repeated in any strong uptrend against the consensus. The theme is basically to install fear among the traders and to create a consensus opinion and thereby dragging the price against the overall consensus view.