Markets In Profile – Nifty Futures Bye 2016 – Welcome 2017 Technical Outlook
The year 2016 has come to an end and we are all set to Welcome 2017 with hopes of reforms on the economic front and the results of Demonetisation are yet to show the real colors. In the earlier posts related to the 2016 year end, we saw how the NSE Sector Indices performed and how the Nifty 50 Stocks performed during 2016. Now let us have a look at how the Nifty Futures performed during 2016 and what is in store for 2017. When we look at the markets in a Market Profile Perspective, we cannot derive likely targets as we look at the structure within a day or week or month to determine the control of buyers and sellers of the two-way auction process. Though there are no fixed targets, but there are many important reference levels spread across multiple timeframes that play a vital role as and when the auction approaches those levels.
In September 2016 Quarter End Analysis, there were many clues of the impending fall but we try to look at both sides of the auction behavior and keep the sides open till we drill down to the point of entry or exit of a trade. Analysis, in general via top-down approach helps in visualizing the broader picture and the long term reference levels which we might miss during our day to day trading activity. A landscape view is always better before getting into a tunneled view to concentrate on the shorter time frame behavior.
Short video on Technical outlook for Nifty Futures for 2017