Update for 14th December 2010

  Nifty Future Recovers Further, But Resistances Still Remain ! 

The last post indicated that "last Friday's green candle with it's open below the previous candle's body and a close which was above the 50 % mark of the previous red candle's range indicate the support at lower levels and even a short term reversal." It was also reported that the overhead resistances remain at the 6030 and 6090 levels and until these resistances are broken, the pattern of higher high, lower low and lower high may remain. Nifty futures opened on Monday with a freak trade at 5985, even though the actual opening rates were exactly 100 points lower at 5885, near the previous day's last traded price.  Since Nifty futures never actually traded up to the freak rate of 5985 on Monday,  the daily high  stands corrected to the actual high of 5940. All charts on this site are prepared using the corrected open and  high prices and therefore, these charts may differ from other automated charting services. The intra-day chart of Nifty futures also shows the open at the 5885 area.

  Nifty Futures - Intra-day Chart     

Update for 13th December 2010

 Nifty Futures Recover to Close Above the 100 Day MA !

The last post conveyed that the Indian market is going through a peculiar situation on the back of the rumors and other pieces of bad news and therefore, any clear analysis of what happens on a particular  a trading day is beyond anyone's capability. However, it was also clearly stated that Nifty future has 'some support at the 5725 to 5750 area being the previous low and from the top line of the  previous trading channel.'  The indicated reference points  for Friday's trade were at  5650, 5750, 5830, 5860 and 5900. The intra-day  chart of Nifty futures is given below to examine the last Friday's market action.

  Nifty Futures - Intra-day Chart