Today (22-7-10)Nifty opened at 5381 with a loss of 18 points, moved in the range 5372 - 5401 up to 14.00, surged there after to 5447 (+ 48 points) and closed at 5442 with a gain of 43 points. Nifty futures range was 5375 - 5459, a difference of 84 points. Though in the beginning there was no premium, after 11.00 premium began to emerge and at 15.11 premium was highest at 15 points. At closing time premium was at 6 points. Thus, today Nifty broke the pause and moved upward. As today's PE Ratio is at 22.75 there is little scope for movement above 5500. Exit longs when Nifty goes below Agni level. Tomorrow's Agni level is at 5412.