Saturday, August 1, 2009

Nifty in Gandharam again after 12th June,2009

Friday's (31-7-2009)Nifty movement is a combination of global cues and Exceptional Friday effect. First part up to 15.00 is due to global and after that Exceptional Friday. As DOW,Asian markets,Singapore Nifty positions were very bullish (Singapore Nifty was up around 60 points in the morning)Nifty opened with a gain of 82 points. After that it not only lost the upward momentum ( after that it added just 10 points gain to record a high of 4670 up to 13.30 ie. not able to reach 4693 of 12-6-09), but also lost and crashed to 4589 by 15.00. Here came the exceptional Friday effect which lifted Nifty again to 4649 and closing at 4636 with a gain of 65 points. So, we have to wait for Monday&Tuesday to know further direction of Nifty. It is to be noted that 5/6th August is a full moon day which in majority cases not good for market and that after reaching 4693 on 12th June,2009 Nifty went down to 3919 by 13th July,2009 before moving upwards. As seen above 12th June and 13th July was a turning point. Is 14th August also?

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