Update for 11th February 2011

    Some Stocks Recover, But No Signs of any Reversal ?

• Nifty futures opened lower at 5250 on Thursday. 
• Most of the day's trading in the Nifty contract was confined in a trading range consisting of the reference / support of 5225 and the previous day's ( Wednesday's ) last traded price 5285.
• Many highly oversold shares recovered some of their losses on Thusday.
• However, the  previous day's rescuers of the market, in the form of the Nifty heavy weights like Infosys, Reliance, SBI etc, mostly fell on Thursday.
• Advance declines data still  favored the negative side.
• No capitulation of the heavy weights has happened yet. ( At this point no one knows whether a capitulation involving the index blue chips will occur or not ! )  

   Nifty Futures - Intra-day Chart 

Update for 10th February 2011

   The Day of Capitulation Over ? 

• Nifty futures opened flat on Wednesday and for most of the morning session, the futures contract tried to recover.
• However, the Nifty contracts kept on trading  flat on the back of some strength seen in some of the index heavy weights. All attempts to trade higher ended below the previously indicated minor resistance of 5350.
• However, the so called popular trading shares or midcaps kept on falling heavily, even in the morning session. 
• Nifty futures also joined the capitulation of the midcaps in the afternoon session. Nifty contracts fell to the lower minor support of 5225. However, Nifty futures recovered from the low to close at 5284 for the day.

  Nifty Futures - Intra-day Chart