Update for 11th March 2011

     Another Narrow Range Low Volume Day, But What Next ?

• Nifty futures opened lower on Thursday and directionless trading was seen for the entire session. Volumes also remained comparatively lower.
• There were just two outcomes after the completion of the session. First, Nifty futures closed with some losses for the day. Second, another subtle gap has been left in the charts as the previous day's last traded price ( 5532 ) and the official close price ( 5542 ) were not reached by the contracts on Thursday.  
• Sometimes, these subtle gaps may indicate further weakness in the markets. ( However, the effects of these gaps are lesser when such gaps occur in a trading range. ) 
• Since the market's technical position has not changed much during the day, no further commentaries are added in this post.
• However, the losses being suffered by the US markets on Thursday may have it's negative effects, especially at the open on Friday.

  Nifty Futures - Intra-day Chart

  Nifty Futures  - Daily Chart 

Update for 10th March 2011

   A Flat Close and Nifty Futures Seeking Direction ?

• First a disclosure. This author didn't attend most part of  the trading session on Wednesday. Therefore, this update is kept very short avoiding long market commentaries. However, all the data, charts and system updates are included. 
• Nifty futures as well as the major stocks seem to be seeking direction for moving either way at present. Therefore, market seems to be going through a phase of sideways ranged trading. Here is a quote from the previous post, which might remain very relevant as of now : 'Readers are once again requested to take note that even the best analysis and the trading system outputs are susceptible to become wrong, whenever the market goes in to a trading range. This is because of the fact that trading ranges are formed as a result of haphazard trading with sudden reversals, but mainly confined to a broad range.'

  Nifty Futures - Intra-day Chart

  Nifty Futures  - Daily Chart