Today(3-9-09),up move was expected and Nifty opened at 4647 with a gain of 39 points, but the gain was eroded within 30 minutes. Nifty swayed around Agni level at 4633 till 15.00, thereafter a down move to 4581 and closing at 4594 (in Chatusruti Rishabham band) with a loss of 14 points. As the Nifty closing today is above the Agni level for tomorrow at 4566, it is an indication to buy or go long. Tomorrow is a full moon day which always favors a trend reversal - generally with a downward bias. But tomorrow it may be a different case due to the following reasons:
a)Market is not in top ; for the last 4 days it was declining
b)As all the days in this week Nifty closed with a loss it is an Exceptional Friday
c)Market need not be down in all full moon days - it can move up also.
Therefore Nifty need not move downwards tomorrow. So, trade with caution.
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