Sunday, April 7, 2013
Nifty closes at 5555
On Friday(5-4-13) Nifty closed at 5553( ie. 5555 - 11th figure in the table posted on 1st Januray, 2013). Nifty and Nifty futures ranges were 5535 - 5577 and 5553 - 5594 respectively. The closing figure 5553 has two other connections - it's near the daily average @ 5556 and exactly at the centre of the lower part of M2( 5464 + (5642-5464)/2 ). Therefore, Nifty closing is at a very important point and further downward move may take it to 5464 in the week ahead. Agni level for Monday is at 5590.
Though the down move was expected in the second week of April it started in the first week itself - may be FIIs seeing the Grahanila post became nervous and started to sell.