It was a crazy volatile week. Nifty Futures done a descent recovery from the attempted downtrend twice in Dec 2017. Every Major 300+ points corrections got bought in December expiry so far. Lets understand the state of the market to get a fresh short term outlook.
Nifty Futures on the daily timframe manage to hold with positive sentiment for the last 4 trading sessions with EOD support coming around 10258 levels. Interestingly Nifty Futures is trading around the higher timeframe reference level 50 day MA – 10244. Dec 2017 is completely filled with events hence there is no much of sticky long term money involved so far. On Day to Day basis this December series, makret participants are dealing with more of shorter term buyers and short term sellers in Index derivatives.
Mondays trading session Bank nifty opened with global optimism and the day is seen driven mostly by intraday and short term buyers in the counter. Serious long term money is missing in the counter and lack of enthusiasm prevailed post the gap up in Bank Nifty Futures and also underperformed the broader index Nifty 50 thereby formation of a dull boring rotational trading rest of the day.