Update for 20th May 2011

   The 5400 Support Holds for the Time Being !

• As indicated in the previous posts, the top end of the 5350 - 5400 support range has so far held and Nifty future have started recovering. But, the medium term trend is still downwards and the chances of it resuming are still there if the present recovery dissipates. 

    Nifty Futures - Intra-day Chart

    Nifty Futures  - Daily Chart  

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