Sunday, May 15, 2011

Friday, the 13th May 2011

Friday,the 13th May 2011 was an eventful day due to the declaration of results for five state assemblies. The end of 34 year old CPM led coalition rule in West Bengal was the most noted one and emergence of "Didi" (Mamta Banerjee) as "giant killer". "Amma"(Jayalalitha)was also in the lime light by her two third majority victory over ruling DMK led front who is a partner at Congress led Union Government.

On that day Nifty opened at 5488 with a gain of 2 points, moved down to 5472, moved upwards steadily to 5605, moved down swiftly to 5531 and closed at 5545 with a gain of 59 points. Thus after 3rd May, Nifty remained in the band between the bottom of M2(5464) and middle of M2(5642). Break of this band on Monday (petrol price hike {Rs.5.00 per litre} was effected w.e.f midnight of 14th May) will give direction to the market. Nifty futures range on Friday(13-5-11)was 5465 - 5623, having a difference of 158 points. Agni level for tomorrow is at 5534.

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