Sunday, May 1, 2011

Sluggish EFE of 54 points - Nifty closes in M2

On Friday(29-4-11)Nifty opened at 5780 with a loss of 5 points, moved in the range 5804 - 5765 up to 13:00, moved down to 5706(14:50), Exceptional Friday Effect(EFE) of 54 points surge to 5760 and closed at 5750 with a loss of 35 points. Nifty futures range was 5824 -> 5720, having a difference of 104 points. RBI credit policy review is due on Tuesday and Nifty may be highly volatile during next two days. Go long only if Nifty moves above Agni level(5766 for Monday) and go short when Nifty moves below it.

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