Nifty Futures – Extreme Positive Sentiment

Nifty currently trading around 11521 in Nifty spot making a one-way rally straight away from 10580 levels made during 19th Feb 2019.

Volatility was almost muted due to weekly expiry and also due to the upcoming holiday (Holi).

Immediate Key Reference Levels from Market Profile

1)Stealth Auction on 19th March 2019

2)Weak High at 11579

3)RPPOC and PPOC + Failed Auction Low at 11473 levels

4)G3 Low at 11434

Trading sentiment was much elevated due to renewed optimism from FIIs and later joined by short term trading community. However, trading optimism is at the extreme because of extreme indications entered above 3rd Standard deviation value.

Mini Liquidation breaks can be anticipated in this zone towards 10450 levels. However, march expiry is expected in the range of 10400-10650 levels.

Nifty Futures quick flip continuing its buy mode since 11th March onwards on the 5minute timeframe.

Current quick flip resistance comes around 11559. Volume flow was relatively good since Feb 26th, 2019. Below is the 30min charts of Nifty futures with highlighted yellow bars indicates transaction of 10,000 lots and red bars indicates 20000 lots which shows the steady supply from the institutions.

Nifty Futures – 30min charts. (Bell Liquidity Analyzer)

Nifty is likely to maintain low volatility until the current financial year is likely to get over. Overall price maintaining below 11560 brings temporary weakness.

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