India’s benchmark Nifty Future bounced back more than 100 points intraday as institutional sellers booked profits in short positions throughout the day. Today’s closing at 11552 is indicating that sellers are gradually wrapping up their positions. The big question is, will the market bounce back?
Will Nifty Bounce Back?
The 3D delta system is indicating that although the institutional sellers have initiated profit booking today, the index is not completely out of the sell zone. In the event of a bounce back, institutional sellers might build fresh shorts around tomorrow’s range high.
What Are The Odds Of A Trend Change?
For a trend change to be triggered, institutional buyers must enter the market. Any bounce back in tomorrow’s session will be the critical point to look out for. The bounce back zone around tomorrows range high is extremely important as the sellers will try to push prices down from this area. The institutional buyers might also want to take advantage in case Nifty bounces back till the range high as the index has already witnessed bouts of profit taking in today’s session.