Nifty Futures trading in 10600 – 10900 range and this range is getting even tighter possibly 10700 – 10900 in the near term as the call/put writers are writing at tightly packed zones. When Comes to Nifty Futures Index short stops are hunted in a phase manner. And more short term stop clusters are in the zone from 10790 – 10850 levels. Short term sentiment maintains positive for last 5 trading sessions.
Nifty IT sector is showing signs of short term trend exhaustion and high probabilities are there that trend reversal could be in progress. Nifty IT delivered a YTD performance of of 3.6% and delivered negative returns since Mar 2015 onwards.