Nifty Futures Top Down Approach

Nifty Monthly

Nifty Futures inched up on the higher side for the last two consecutive months and current rally is almost 950 points since Dec 2016. On the monthly charts long term trend up is up.

Nifty Weekly

Nifty Futures on the weekly charts on the weekly timeframe is clearly in a uptrend and one timeframing for the last 4 weeks which shows that intermediate timeframe buyers is in control.

Nifty Daily

However on the daily timeframe consolidation is seen for the last 7 trading sessions. Both Nifty Futures and Bank Nifty Futures are showing an intraday selloff in the first half of the session followed by second half of intraday recovery from the bottom for the last 7 consecutive trading sessions. And moreover Nifty futures is currently at the visual resistance zone @ 8835. so far Nifty Futures is struggling to close above this visual reference level.

Our Take : At this point Nifty Futures is underperforming US Makret and expected to under-perform in the shorter timeframe.

Related Readings and Observations

Nifty and Bank Nifty Futures Weekly Outlook Nifty and Bank Nifty futures is in downtrend in most of its timeframe. Last week Nifty closed above 5EMA(high) but the subsequent week closed below 5EMA(high) however bank nifty futures is […]
High Probability Bottom in Nifty Future? April Series Outlook High probability bottom signal in Nifty Future on the EOD charts. Autocorrelation maintains negative which indicates a possible mean reversion mode in Nifty futures and the oversold smooth […]
Inter-Relationship is Shifting – FII’s in control of Nifty? Since strength of INR (Falling USD/INR Chart) is more or less vertically followed by rising Nifty and Bank nifty –it is safe to assume that FII’s are dominant in present market situations […]
Nifty Futures Weekly Overview and Technical Analysis Levels Nifty Future has been consolidating in a side ways range on low volume since last couple weeks. The range is narrow and rally towards 8420 and higher are been sold where has the correction […]
Will 8300 Act as Support for Nifty this Expiry? This week both Nifty futures and Bank Nifty futures ends on the positive note with a weekly gains of 36.55 points(0.43%) and 141.3 points (0.8%) respectively. The cheer the retail positive […]
Nifty and Bank Nifty Futures Overview – IV On the Nifty spot weekly intratrend charts nifty turned to fresh long term buy mode after three consecutive failures in weekly charts which is a high probability setup for mother of all bull rallies.