Thursday, February 24, 2011

Nifty closes at 5263 ; below centre of M1(5286)

Today(24-2-11)Nifty opened at 5409 with a loss of 28 points, after moving to 5423 steadily moved down to 5348(Soma level was 5354), moved up to 5375, moved down fast to 5243 and closed at 5263, below centre of M1(5286). Today's decline exceeded the normal anticipations and became the biggest fall of current year with a loss of 174 points. Nifty futures range was 5430 -> 5251, having a difference of 179 points. Since today's close is below the centre of M1, Nifty may move further down to low of M1(5123)in coming days. Tomorrow is an Exceptional Friday, and Nifty may recover a part of today's fall. But, avoid any buying unless Nifty moves above Agni level(5354).

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