Update for 19th May 2011

•  Nifty futures have almost reached the earlier indicated support zone of 5350 -5400. The trailing Price Earnings ratio has also reached 20.18 and is  near it's  one and a half year lows. Therefore, some support for the market may be forthcoming at these levels.   

   Nifty Futures - Intra-day Chart

    Nifty Futures  - Daily Chart  

Update for 18th May 2011

  The Defensives Stand Tall !

• In spite of  a shocker by SBI and weakness in pivotals like Reliance, ONGC and the other rate sensitives, the defensive stocks from IT, FMCG and Pharma have stood like a rock preventing severe damage to the market on Tuesday.
• Therefore, as indicated in the previous post, the fall in Nifty futures has not been very convincing move on the part of the bears.
• However, some weakness in the so called strong shares may keep the downtrend going further as new downward breaks were seen in some of the big stocks like Reliance, SBI, Tata Steel etc.

  Nifty Futures - Intra-day Chart

    Nifty Futures  - Daily Chart