Nifty Futures 28th March 2018
Nifty Futures today had another positive day and moved higher along expected lines after making a low on Friday around the 0.382 area of the rise between 7891-11171, there were also important channel supports around that area and also some very important gann wave levels in addition to all these factors there were also some very critical astro cycle days and time cycle turn dates around the day when 9952 low was formed but what the market was expecting was 9700-9800 and we knew that in the near term the selling was overdone and since so many factors were coming together around that date and time we were expecting the end of the first round of the fall which started from 11171.Even as of now the overall sentiment remains to be very bearish and even now if we look at the overall traders opinion and sentiment everyone is still talking about lower side targets of 9700-9800 not realizing that there could be a possibility of faster retracement from a near term perspective and everyone has a total consensus on the upper side resistance which is around 10200-10250 area. As per our analysis although longer term we remain very bearish on Indian stock market but as we have been mentioning in our past few updates that the first round of the fall is done for the time being and in the near term we do not see much downside and having said that please keep in mind we are not overly bullish either all that we are trying to communicate is that near term bearishness is overdone and most of the market participants are holding huge shorts (at least that’s what the open interest data suggests) and most of the traders are shorting the market very aggressively on every rise and we do not feel in the near term that is the right thing to do. Tomorrow’s expiry could be very interesting it will be very important to see what happens to the existing shorts in the market and how the market rolls over to the April Futures series
From an astro cycle perspective we see another important astro combination coming up in the next few hours so post that we could see Indian stock markets and global stock markets becoming very choppy so those who want to trade keep in mind to be very nimble footed and trading in and out for the near term will be the best strategy for now. Levels and other details will keep being updated to our clients live during market hours. If you are trading only on the basis of this post please use your own risk management and then only trade.
Good Trading to You!