Wednesday, February 11, 2009

Last three days Nifty closing same spot @ R11A7

Today Nifty exhibited its strength by strong recovery and flat closing, in a day when Dow & Hansang plunged heavily. Nifty opened at 2878 against the previous day closing of 2935, gradually recovered after 12 noon and at 3.30 p.m touched 2938, wiping out all losses. Interestingly, discount points around 10-15 points in Nifty future vanished at EOD. And Nifty closing for the last three days was at the same spot @R11A7 (Rupee 11 and Anna 7); despite what ever happened around the world. Yesterday and today Nifty didn't breach the support point of 2878. So, move to Sudha Daivatham (3178) as anticipated earlier may become become a possibility. One aspect that disagrees now with the above view is the Agni level at 2990. If Nifty surges with good gains tomorrow, that negative aspect will be eliminated.

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