Update for 20th July 2011

   A Bounce from the Support Area !

Yesterday, Nifty futures bounced from the upper end of the earlier indicated support area of 5500 - 5550. In fact, Nifty futures recorded nearly identical lows at around the 5560 mark on three trading days. Once the market finds that it is not breaking a support, it tends to move to the opposite direction and tries to test the next resistance. Last week's high at around the 5660 - 5670 remains as the short term resistance. If this level is taken out, then the resistance from the 200 DMA and downward moving upper resistance line at the 5700 - 5750 level may come in to play. Barring a breakout above the latter resistance, Nifty may spend some more time trading directionless in the broad trading range of 5500 to 5700 in the immediate future.

Nifty Futures - Daily Chart  

Update for 19th July 2011

  Nifty Futures are Still In No-Man's Land ?

There has been no change in the technical position of the market since the previous post. Hence, this post is limited to the charts and system updates.

Nifty Futures - Daily Chart  

Nifty Options Scene   

The July series Nifty Options Put Call ratio ( PCR July series ) closed unchanged at a 1.12 times as on Monday.