Update for 30th June 2011

   The Up-trend Continues as Expiry is Nearer !

The amazing turn around rally is still continuing without any hiccups so far. There might be derivative expiry related volatility in the afternoon session. As the recovery so far has been very steep, the chances of the market slowing down, especially from tomorrow is there. However, the second rung shares which made almost no recovery in the June series derivatives may start rallying in the next series, as the front liners take a breather. As of now, our expectation of a test of the falling trend line as well as the 200 DMA at around 5700 - 5750 levels remains intact.  

Nifty futures - Daily Chart

Update for 29th June 2011

    The Up-trend Continues !

The strong uptrend which started with a bear trap below the 5340 levels is continuing unabated with the Nifty futures contracts already in the gains for a straight fifth day. The contract is also approaching two minor highs at 5610 and 5622. Though the uptrend seems to be on a strong wicket now, it seems that some consolidation is in order as of now.  

Nifty Futures - Daily Chart