Update for 21st March 2011

 Battle for the 5400 Strike is On !

• Here is a quote from the last post " Market has been spooking the bulls and bears alike for some times now. Now the only question remaining to be answered is whether the market is going to spook the straddle and strangle option writers in the current month or not ? Any breakout by the Nifty either way may lead to a scramble for covering by the option writers ! "
• We wrote this comment after the indication of a new sell signal by the Momentum Signal system on Thursday, in a market which seemed to be predominantly flat till then.
• The market heavyweight stock Reliance provided the ammunition for the sell off on Friday.
• Friday's sell off has forced some of the Put options writers to cover their open Put option positions for the  5400, 5600 and 5500 strikes.
• However, the battle for the 5400 strike is still on as the Nifty future is still inside the broad trading range of 5350 and 5550.

  Nifty Futures - Intra-day Chart

    Nifty Futures  - Daily Chart 

Update for 18th March 2011

 Nifty Futures Still Stuck in the Trading Range !

• Yeah, there is nothing more to write about except that Nifty future is still stuck in the trading range and that Indian stock market has seemingly attained some kind of resilience. But for how long ? No one knows !
• Following the huge losses in Europe and U S markets overnight, Nifty futures closed lower on Thursday. Many highly oversold stocks gained whereas some of the better stocks lost on Thursday.
• The technical position of the market remains more or less the same and therefore, it seems that no more comments are required ! ( Who wants to read the so called same old market commentaries repeatedly till the market does something interesting ? )
• Market has been spooking the bulls and bears alike for some times now. Now the only question remaining to be answered is whether the market is going to spook the straddle and strangle option writers in the current month or not ? Any breakout by the Nifty either way may lead to a scramble for covering by the option writers !

  Nifty Futures - Intra-day Chart