Thursday, June 17, 2010
Nifty moves to centre of Sudha Madhyamam(5286)
Today(17-6-10)Nifty opened at 5232 with a loss of 7 points, stayed in the range 5207 - 5245 up to 13.30, surged thereafter to centre of Sudha Madhyamam (5286) and closed at 5275 with a gain of 42 points. Touching of 5286 was expected yesterday (please see the post dated 15th June) and it came today(exact high is 5285.55). As Nifty was below the Agni level today's upward move was not anticipated. Further, including yesterday Nifty was in green continuously for the last six days and a trend reversal was expected. Today also Nifty closed below the Agni level for the day(5306). Nifty futures range was 5206 - 5297, ie. Nifty futures moved in to 11 points premium while it was in discount till 13.30. Tomorrow's Agni level is at 5341 and hence downward move expected.