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 is trading in the new territory and also hits all time high on friday trading session. This time weekly sentiment turned positive and interestingly market internals are holding positive and put writers are aggressively killing the option premium at 9800PE, 9900PE, 10000PE, 10100PE. None of the call writers are aggressive for this series despite the global events like North Korea Threat, China downgrade and local events like surgical strike, Fitch downgrading India’s growth forecast to 6.9 per cent.
Here is the quick update on the Market Profile – Key reference levels in Nifty Future December Contract. If you are very new to market profile then it is recommended to start reading the basics of market profile.