Nifty Futures opened gap down on Wednesdays trading session post gap down more of day timeframe sellers started actively dominated the market and resulting in a open auction outside the range.Though price is in balancing mode, value started building lower. At the same time, day timeframe stops too hunted in the second half of the trading session resulting in closing the Wednesday daily gap thereby removing the weaker hand intraday sellers.
Nifty Futures opened gap up however reverses all its gains in the first hour of trading and ended up with a classical ORR setup with b shape structure (long liquidation). Initial confidence of sellers are dominated in the first half of the session followed by dull boring balancing day in Nifty Futures. Downside pressure is maintained in Bank Nifty index due to resumed PSU Bank selling pressure. Nifty PSU Bank Index is down by 3.49% for the day.
Nifty Futures continued its Fridays sentiment, opened gap up above the previous week high levels with a greater confidence on Mondays Trading Session. Confidence of the buyers maintained throughout the day. On the Daily timeframe Nifty Futures looked below the balance and now back into the balance and filled the balance completely.
Fridays Price action ended with a massive short covering followed by fresh money buying with trading sentiment switches to positive. Open Interest in Nifty Futures is up by 5.19% showing incoming fresh money supply towards the longs. Multiple Price rejections witnessed at 10343 ( strong ORR levels ) on daily timeframe. And moreover price manage to close above previous month low and also above the psychological reference 10500.
The context had nothing much changed from the last write up except the market moved from a 100 point range to 200 point range.Volatility is much improved for this week. Nifty Futures attempted a fresh all time high and closed higher with euphoric global market optimism.
Last 5 trading days Nifty Futures is moving in a 100 point range. Volatility was greatly muted. On Wednesdays trading Nifty Futures attempted a fresh all time high before ending up with emotional liquidation in the second half of the session. Late Rallies and Late Liquidation are the game being played in the last couple of days. We are nearing the year end and just two more trading days left for this year 2017.
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.
Bank Nifty Futures consecutively making lower lows for the last 5 trading session on the daily charts. Price breaks the previous week low and in the last 1 hour of the trading session manage to close above friday low (Previous Week Low as well). Trading Sentiment continues to be negative as long as price holds below 25242 levels. Mondays price attempt closed the 1st Nov Gap.
MCX Crude taken short term support at 3119 and bounced back on the hourly charts. Potential medium term supports around 2900. Nymex crude futures is also currently trading around the psychological reference 50 USD/Barrel. However on the daily timeframe price rejection around 200 MA 3316 and started pulling back down and the daily sentiment holds down.