Tuesday, August 11, 2009
Nifty above Agni level - Even then don't buy
Today(11-8-09) Nifty closed at 4471 with a gain of 33 points, which is above the Agni level for tomorrow at 4361. Even then Nandi is not recommending a buy now, due to the apprehensions expressed in the last post. Further, selling of FIIs continues for the last five days (5th 480.40 crores, 6th 246.50 crores, 7th 846.10 crores, 10th 639.92 crores, 11th 177.47 crores) and H1N1 flue is spreading. Today Nifty moved from 4400 to 4511 by 14.00 and crashed to 4444 before closing at 4471. The crash from 4511 to 4444 within 45 minutes can also be considered as a weakness. There may be a reward of 150 - 200 points for the traders who are ready to take risk and follow tight stop loss. Others just watch and trade light.
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2 comments:
dea nandi,
again a rebound from 4359...it has hppnd 2 times earlier nifty rchd there nd zoomed till 4700.......will this hppn again...today mrkts closed at days high..........wht do u feel about tommorow.....rest of wek?
Dear Ritesh,
Did you notice that today's Surya level was 4359 and Agni level 4361 ?
So, there is no surprise in the bounce back. 3650 - 4000 - 4350 and 4350 - 4700 - 5050 etc can repeat one or two times, but not every time. As Nifty closed almost flat today and tomorrow's Agni level is 4344 only, Nifty is likely to move up. When selling will come and push it down is a wait and see game.
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