Tuesday, July 27, 2010

Nifty closed below Agni level with 12 points gain

Today(27-7-10) Nifty opened at 5434 with a gain of 15 points, moved in the range 5407 - 5451 and closed at 5431 with a gain of 12 points(in daily music scale flat at R21A3). Nifty futures range was 5410 - 5459 (today's Agni level was 5459). Despite RBI credit policy announcement and release of quarterly results by a couple of index companies, Nifty didn't move much. Today also Nifty closed below the Agni level for the day(5459) and tomorrow's Agni level is at 5464.

It was really surprising that RBI did not touch CRR or Bank Rate in-spite of double digit inflation due to the price hike of petroleum products. Don't know whether RBI & Central Government is anticipating some bad global news or reduction in crude oil prices in the near future.

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