Sunday, May 8, 2011
After 9 days Nifty closes above Agni level
On last Friday(6-5-11)Nifty opened at 5510 with a gain of 50 points, moved in the range 5472 - 5564 and closed at 5551 with a gain of 91 points. As Nifty was in red from Monday to Thursday, it was an Exceptional Friday and the up move was for 92 points from 5472. Nifty futures range was 5468 - 5575, having a difference of 107 points.
Thus, Nifty after moving to the low of M2 (Prati Madhyamam - Low:5464, Mid:5642, Top: 5797), moved upwards snapping its longest(9 days) downward journey. After 26th April 2011, Nifty closed above Agni level on 6th May 2011(see chart below). Since tomorrow's Agni level is at 5389 Nifty may close above Agni level tomorrow also. Nifty may move to Middle of M2(5642).