Wednesday, July 8, 2009

Nifty in Shadjam

As mentioned in the post dated 17-6-2009 under the caption "Down movement to Shadjam level started !!!" (It was explained earlier also) Nifty today (8-7-09) closed at 4079 in Shadjam band width (Low:3790, Centre:3968, High: 4100) with a loss of 123 points. Even though an up move was expected if Nifty moves above Agni level 4230 it did not materialise. Instead of that, Nifty opened with a loss of 69 points and the loss further increased to 141 points by 10.30 a.m. At that time Nifty was at 4061 and Nifty futures at 4054 (today's Surya level). At 14.11 Nifty was at 4137 and it gave an impression that Nifty may close above 4100 but, it moved downwards swiftly and closed near today's low at 4079. Tomorrow's Agni level has decreased to 4111 and if Nifty moves above that a small bounce back can be expected. Other wise Nifty may continue its down ward move to the bottom of Shadjam band width.

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