Update for 18th February 2011

 A Day of Gains and Now What ?

• On Thursday, Nifty futures opened exactly at the same level where it closed on the previous day.
• The futures contract sold off from the open to test the low of the previous day on light volumes.
• The light selling probe ended at 5460, which was just above the previous day's low and also the reference level of 5450.
• The recovery from the low of 5460 was also on very light volumes. The market seemed to be completely dried up of volumes in the morning session.
• The recovery still continued very tentatively  towards the two day highs. Once the Nifty contracts broke the two day high, volumes came back to the market.
• The futures closed the the day's high of 5550 for the day.

  Nifty Futures - Intra-day Chart  

Update for 17th February 2011

 A Day of Sideways Trading, Now What ?

• Nifty futures opened slightly higher at 5481 on Wednesday. 
• Wednesday's trading was of the sideways nature with some moderate gains at the end.
• The trading range for the day became narrower and was confined between the close of 14the Feb. and the high of the previous day.
• The technical position of the market did not undergo any change on Wednesday.

  Nifty Futures - Intra-day Chart    

      Nifty Futures  - Daily Chart