For the week ended 19th February, 2010 the Nifty futures opened and closed almost at the same place and returned a doji candlestick indicating indecision. It is normal for the markets to trade sideways before major events like union budget etc. The future is trading between it's 50 week moving average at 4486 and 20 week moving average at 5000. These moving averages may act as support and resistance in case of an average budget being presented on the 26th of February, 2010.
The Updated Momentum Signal Spreadsheet
Here is the updated spreadsheet showing the Momentum Signal as on the close of 19th, Feb. 2010.
Even though the index is giving a neutral momentum value of +30, the futures retained a +80 value indicating the upward momentum. Western markets seems to have advanced much higher than our markets in the previous week and hence the optimism in the Nifty futures.
Projected Momentum Signal Close Values
The projected levels of closing values required for momentum shift / neutrality / continuation as on the close of trading as on 22nd, Feb. 2010 are given in the table below. The projected closing values in following table will also include the values of BSE Sensex from this week onwards.
You can click on the chart to enlarge.
Cheers and Prosperous Investing and Trading!!!
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