Sunday, September 12, 2010
Nifty closes at the centre of M2(5642)
On Thursday(9-9-10) Nifty opened at 5632 with a gain of 24 points, came down to 5615, moved up to 5642(exact centre of M2)as expected, came down again to 5608, moved up again to 5647 and closed at 5640 with a gain of 32 points, at the centre of M2(perfect close). From here Nifty can move up or down which will be known during this week. Nifty futures (50) shown a high of 5711 at the opening itself and that may perhaps be the Nifty futures target for Monday. Nifty Mini(20) futures high and low was 5644 and 5598 respectively. Last two days' Nifty high was less than the Agni level. So, tomorrow also Nifty high may be limited to the Agni level ie. 5698. Though below Agni level, Nifty is moving up which is seen one or two occasions earlier. Nifty PE on last Thursday (9th Sept) is @23.73. Be cautious during this week.