Another Day of Losses, But What Now ?

Update for 7th February 2011



Another Day of Losses, But What Now ?


* Last Thursday, Nifty Futures bounced back after making losses in five out of the six previous trading sessions and closed very near to the resistance at 5550.
* It seemed that some more upside might be forthcoming on Friday on the back of the previous day's momentum.
* On Friday, markets opened slightly lower, but tried to continue with the upward movement in the morning session.
* After hovering between 5540 and 5510 for an hour or so, Nifty futures broke above the resistance level of 5550.
* However, the breakout lacked follow up buying and it turned out to be a real bull trap.
* Once Nifty futures broke below the 5550 level again, all round selling started and the contract reached the lower reference level of 5450.
* Another bout of selling in the last hour of trading saw the Nifty contracts recording a new swing low of 5356, which almost coincided with the already indicated minor support between 5340 and 5350.

* Nifty futures closed for the week at 5382.

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