Update for 16th February 2011

 Markets Still at the Cross Roads !

• Tuesday's trading action was very simple. Nifty futures opened flat at 5456. Trading remained in the narrow trading range between 5420 and 5460 of the late session of the previous day for a short time.
• Nifty futures tested the low of the trading range and reached 5397 in the morning session.
• The Nifty contracts recovered fast and recorded the then day's high at 5490. Later on, trading remained mostly above the previous day's high of 5467.
• In the last half an hour of trading saw some profit booking and Nifty futures corrected to close on 5476 with a gain some 20 points for the day.
• Trading on Tuesday was mainly centered around the reference level of  4450.

   Nifty Futures - Intra-day Chart   

     Nifty Futures  - Daily Chart 

Update for 15th February 2011

Is This Still a Bounce or a Reversal ?

• Nifty Future opened some 30 points higher on Monday, following the positive bounce on Friday.
• The day's low remained at 5336, leaving a small gap of 6 points between the  trading ranges of Friday and Monday.
• Nifty futures rallied above the minor resistance level of 5350 and rallied strongly for the entire trading session.
• Though the 4400 - 4410 level was expected to be a minor resistances, being the intersection point of the falling trend line applicable to the last leg of the fall, the Nifty contracts didn't encounter any resistance at the level.
• Nifty futures spent some time trading in a range between 5420 and 5440 before rallying to a high of 5468 before closing for the day at 5455.

    Nifty Futures - Intra-day Chart  

    Nifty Futures  - Daily Chart