Tuesday, May 3, 2011

RBI credit policy - Nifty closes below centre of M2

Today(3-5-11)Nifty declined 156 points after the announcement of 50 basis points Repo rate hike by RBI in their credit policy review. Nifty opened at 5673 with a loss of 28 points, moved up to 5711 just before 11'O clock, moved down stage by stage to 5555 after credit policy announcement and closed at 5565 with a loss of 136 points. Nifty futures range was 5560 - 5726, having a difference of 166 points. Since Nifty close is below the centre of M2(5642) Nifty may move to low of M2(5464). Tomorrow's Agni level is at 5581.

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