Update for 15th December 2010

   Nifty Future Advances Further ! 

On Tuesday, Nifty futures opened exactly  where it closed on the previous day at 5931. In the initial phase till around 11.30 AM, the contract traded sideways mostly and kept itself below the resistance of 5940. It broke above the 5940 mark just after the announcement of a lower inflation figure. However, even after the breakout, trading remained mostly sideways. The day's high and low were at 5970 and 5906 respectively. The close was at 5959. The overhead resistances at  the 6000, 6030 and 6090 levels still remain valid. The following intra-day chart of Nifty futures show the two phases of Tuesday's trading, both before and after the declaration of inflation data.

  Nifty Futures - Intra-day Chart   

  

Nifty Futures - Daily Chart        

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