Update for 15th June 2011

    Nifty Futures may Remain Range Bound !

Markets have a tendency to trade range bound while awaiting for major events like the mid quarter monetary review of RBI on 16th June, 2011. Even otherwise Indian markets lack any triggers at present. Nifty futures may trade range bound in the above scenario at least till the RBI action.

Readers of this blog are requested to note that the Momentum Signal is prone to make whipsaw signals in ranged markets and the fact is already elaborated in the Risk Factors page.

   Nifty Futures - Intra-day Chart    

  Nifty Futures  - Daily Chart

Update for 14th June 2011

   Nifty Futures Remain in the Range !

Though Nifty futures broke the 5480 and 5450 minor supports in the two previous trading sessions, the closes were above or around the 5480 support. These higher closes as well as the very low volumes seen at the lower end of the trading ranges in the two previous trading sessions were actually the symptoms of the earlier indicated recent resilience. As the market has already recovered from the 5400 - 5450 support, now the question is whether the market will remain in the trading range for some more time or try to breakout above the range. Since the market participants are keenly waiting for the impending RBI  action, market is more likely to trade in the present range than trying to make a breakout.   

Readers of this blog are requested to note that the Momentum Signal is prone to make whipsaw signals in ranged markets and the fact is already elaborated in the Risk Factors page.

   Nifty Futures - Intra-day Chart    

  Nifty Futures  - Daily Chart