RBI credit policy on expected lines & hence no effect on market

Today (28-7-09)Nifty closed at 4564 with a loss of 8 points. Today's range was 4600 - 4529, which was almost same as yesterday. The RBI credit policy did not have any significant effect on the market. But tomorrow's Agni level is at 4636 a level which Nifty did not touch after 12th June,2009, and hence warrants caution.

Nifty closes below Agni level for tomorrow

After a range bound movement between 4597 to 4528, Nifty closed today(27-7-09)at 4572 with a gain of just three points. Nifty future high was 4610, the upper boundary of Chatusruti Rishabham band width. Tomorrow's Agni level is at 4584 which is above the Nifty closing today. The strength exhibited on Friday is not seen today. Even though in the early morning Singapore Nifty reached a high of 4625, Nifty opened near yesterday closing and slipped to 4547. As RBI is to announce its quarterly credit policy tomorrow, market will be volatile and caution is to be exercised.

Friday Nifty closing around Agni level

On last Friday after moving in the range 4505-4579, Nifty closed at 4569 with a gain of 45 points. The low of 4505 at 12.10 and the high of 4579 at 14.20, clearly indicates the up ward momentum of Nifty which is different from usual Fridays. Therefore, it is likely that next week also Nifty may continue its upward journey and it may move to 4611 / 4759. The Agni level for tomorrow is at 4571, almost same level as that of Friday closing and hence on Monday Nifty may move above Agni level.

Nifty again closes above 4500

In consistence with global cues, Nifty today (23-7-09)opened with a gain of 77 points at 4477 and moved in the range 4502-4455, mostly in the Chatusruti Rishabham central (4464) area from 12.00 to 14.15. Shortly after 14.15 Nifty surged upward and reached a high of 4532 by 15.00. Nifty closed today at 4524 with a gain of 125 points. Nifty futures yesterday closing at a premium of 4 points even after the fall of 70 points and the steady position of Soma levels above 4550 for the last three days could have been taken as an indication of strength, which Nandi ignored totally. As tomorrow's Soma-Surya levels have increased by 100 points, despite Friday, it may be a strong up tomorrow. But, the observations based on last trading days figures will be negated on a different movement in Asian markets particularly Singapore Nifty, as of today.

Solar Eclipse Day sees a sell off

At the Sunrise today(22-7-09) India saw a beautiful total Solar Eclipse and after that Nifty saw a sell off. Whether both are related or not is to be confirmed after many observations. The report that we have to wait to next century to see a total solar eclipse does not hold good. It is pointed out by some astronomers that the next total solar eclipse is due in January 2010. It is mentioned here just to say that we will surely get opportunities to check and confirm the relation between the two.

As envisaged, the sell of came after 11.00 a.m as Nifty didn't move above the Agni level at 4591. At that time Nifty was at 4558 ie. at Surya level for the day(4559). It was really fast and powerful - Nandi yesterday used the words "fast downward movement" considering the Solar Eclipse effect and it was there - the effect of which brought down Nifty to 4424 by 13.00 and to 4380 by 15.00, a fall of 178 points within 4 hours. Nifty close today was at 4399, in Chatusruti Rishabham band itself with a loss of 70 points. As Agni level for tomorrow is at 4597 further downward movement can be expected.

Nifty closes near centre point of Chatu. Rishabham

Nifty today(21-7-09)moved in the range 4437 - 4505 (high in NSE site is 4524 which was not reflected in chart and also in Nifty futures)and closed near centre point of Chatusruti Rishabham (4464) at 4469 with a loss of 33 points. Range of Nifty futures was 4508 - 4438. Indications of Nifty's next direction will be revealed tomorrow in the day of longest total Solar Eclipse of the centuary. Tomorrow's Agni level is at 4591 and if positive, Nifty has to enter the 4600 area. Otherwise fast downward movement will be the end result.

Nifty closes above 4500

As expressed in the last post, Nifty today (20-7-09)on breaching 4464 after 12.00 p.m ( Nifty range till then was 4412-4453)surged ahead steadily and at 15.15 touched today's highest point 4510, very near to 4539 mentioned (Nifty future high was 4518). Nifty's close today was at 4502, above the centre point of Chatusruti Rishabham(4464). Tomorrow's Agni level is at 4547 and if Nifty holds above Agni levels in coming days then 4611 or 4759 may be achieved shortly.