Nifty above Agni level again

Today(4-12-08)up to 11.00 a.m Nifty remained below today's Agni level at 2666 in a range bound trading. After that it started to climb and closed at 2788 with a gain of 132 points. As up move may be limited to 2830-80 or dissipated as was happened on 1st December,2008 it should be ensured that all longs are exited once Nifty touches the Agni level again or even before that when ever there is reasonable profit.

Nifty slides back to Agni level

Today (1-12-08) Nifty opened firm as expected and moved to 2833. After the negative opening of European markets, it slid back through the Agni level at 2775 and closed at 2683,down by 72 points. Thus the up move anticipation has been dissipated and the immediate trend is down. Nandi always advised to exit all longs once Nifty touches Agni level and wait for the emergence of Nifty from the Agni level. Nandi apprehends that Nifty may retest the October low or even go below that during December, probably from the Full Moon Day ie. 12th December,2008.

Nifty up move expected

As F&O November series was settled on Friday the 28th November, the exceptional Friday effect is pending. Agni level for the day is 2775 just 20 points above the Friday closing. Hence Nandi feels that Nifty may move upwards a few days from Monday and may reach Pachamam (2976) or Sudha Daivatham level (3178).

Amavasi (Dark) day for Mumbai/India

To day, the 27th November,2008 was not just an Amavasi(no-moon) day, it was also an Amavasi (Dark) day for India. Both the Indian stock markets BSE & NSE remain closed due to the terrorist attack on the financial nerve centre of India, Mumbai. The target of terror was also very very sensitive to India, the Taj Mahal(that name represents India)Hotel near Gate Way of India and other 8 areas. Every Indian who had visited Mumbai once will have in memory the beautiful land mark building, the Taj Mahal Hotel, facing the Arabian sea. The unprecedented incidents and the loss of more than 101 valuable lives makes us very sad. Let us pray to the "one and only one" almighty God to bestow peace in the world.
As F&O expiry is rescheduled to tomorrow, this Friday(28th Nov 2008)will be really an Exceptional one due to the fact that this may be the only Friday on which F&O settlements were being arranged. Hence this Friday's movement of Nifty is unpredictable.

Down trend reversed on Exceptional Friday

Despite US/Asian markets down trend, on Friday (21-11-08)morning, Nifty opened firm, gained 100 points, lost all gains at 2.00 p.m and again surged up to 160 points and finally closed at 2694 with 140 points gain. That was the outcome expected by Nandi on the exceptional Friday. Now expect uptrend up to 27th November 2008,the Amavasi day. Usually it is a trend reversal day and also helps Nifty to move up. Since Nifty has started to move up from 21st it is to be seen whether the up trend will be continued or reversed. Being an exceptional Friday, on 28th also Nandi expects positive move.

Exceptional Friday

Nandi had earlier pointed out that generally on Fridays Nifty will move down wards and close in red; with two exceptions : 1. the first Friday that comes after F&O monthly settlements and 2. the Friday that comes after losses for last three/four days. Tomorrow the 21st November, 2008 comes under second category and hence Nandi hopes that there would be up move in Nifty. Let us see whether this time the hope fulfills or not.

By the way, it may be interesting to readers how Nandi had realised the above rule.
On Friday morning Nandi used to go to a temple in Trivandrum and pray to the powerful deity there. It was also observed that usually Nandi had lost money on Fridays. As there is no possibility that God will punish Nandi for trading in stock market, an analysis was done. Then it was found that Nandi always bought first and sold it later. Hence came the realisation of Friday general rule and later the exceptions.

Up move didn't sustain, further low in the anvil

Even though on 19th November, 2008 Nifty moved up at the beginning as expected, it didn't sustain. After 1.00 p.m. on accepting cues from European markets it moved down and closed lower than yesterday's at 2635 (Agni level for the day). Today opening will be a gap down as predicted by Chaitreya Sasthriji of Nifty Predictor (link already given by Nandi).