Extreme Positive Sentiment in Nifty Futures

Nifty Futures is tested a intraday high of 10924. Trading sentiment was getting into extreme which possibly indicates overbought levels.

Short term corrections can be anticipated at this levels towards 10835 and 10810 levels with immediate quick flip resistance comes around 10903 – 10912 band.

Price holding below 10912 is very much crucial for trend reversal to happen. Also current long trade is almost 5 trading days old which brings statistically mean reversion odds going by the historical backtest.

Even if price gaps up and later price started trading below 10912 levels indicates weakness towards 10835 and 10810 levels in a very short term.

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