Market & Nifty Futures Update – 30th July 2010
Another Day of Range Bound Trading … !!!
The Nifty futures opened flat on the expiry day of the of the July month contracts. As the market didn’t break the Wednesday’s lows convincingly, the market tried to test the highs of the previous trading range between 5360 and 5410. It was also supported by the opening of the European markets in the positive territory. The futures recorded a high of 5415 in the after noon session and closed at 5408.75. As this blog has repeatedly been disclosing, it seems that the sell indicated by the Momentum Signal may not have much effect since the market is still trading in the narrow trading range. ( Quote from the last post : ” However, as already stated in the previous posts, this sell signal will be confirmed by the market action only if the market breaks the 5350 levels. “
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