Update for 21st December 2010

    Nifty Future is Still in the Sideways Mode !  

After the long weekend, when the indian markets were opening for the new week, Asian markets were trading with losses on the back of tensions in the Korean peninsula.  The SGX Nifty future was also quoting below the previous close. Accordingly, Nifty futures too opened lower near the lower reference point at 5900. Trading remained between the  5900 and 5940 reference points in the first two hours of the trading day. But the recovery rally after the gap opening continued even though the Nifty contracts encountered some minor selling at the 5965 and 5990 levels. The day's high was at 6000. But the afternoon session saw a mild correction when Nifty futures traded lower to reach 5950. The close was at 5953. 

   Nifty Futures - Intra-day Chart    

Update for 20th December 2010

    Nifty Future Poised at an Interesting Point !  

In the last update for 16th December, we had stated that Nifty future is primarily trading in a 200 point range between 5800 and 6000 and not much reasonable analysis is possible. We had also stated that the outer or broad limits of this range are at the 5700 and 6100 levels. It was also stated that the incidence of the 100 day moving average ( 100 DMA ) coinciding with the reference level of 5860 is important.  Now let's check what happened  in the last Thursday's trading session.

   Nifty Futures - Intra-day Chart