Tuesday, June 29, 2010

Nifty closes below the Agni level


Today(29-6-10)Nifty opened at 5293 with a loss of 41 points and closed at 5256 with a loss of 78 points after declining steadily up to 5236(loss of 98 points). Today Nifty remained and closed below the Agni level(5311)giving the impression that yesterday's up move and close above Agni level was a fake. Yesterday's up move was questioning the common man's belief that market will fall after the petroleum price hike, that's why the fake feeling. After closure below centre of M1(5286) on 25th, Nifty was expected to move down to low of M1(5123)this week. Hence today's down move may continue tomorrow also. Tomorrow's Agni level is at 5275.

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