Monday, June 22, 2009

Last Friday's up move fizzles out

Unable to move to Chatusruti Rishabham band width (above 4348) Nifty today (22-6-09) moved down to 4222 and closed at 4235,near Sudha Rishabham centre point (4232). As lower level of Sudha Risbhabham is at 4100, Nifty may move to 4150-4100 area tomorrow. Friday's last hour up move of more than 100 points to the 4320 area and closing at 4314 gave an impression that Nifty may cross 4350 area today. But it didn't. Hence, the view expressed on 21st June is invalidated and earlier view holds good. It will be interesting to note that the low on 23-6-08 was 4225.50 where as today's is 4221.90. Nifty low on 24-6-08 and 25-6-08 were 4156.10 and 4093.20 respectively. Let us see where it ends this time.

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