Nifty closes below Agni level - 5th day

On Friday (5-6-09) Nifty closed at 4587 with a gain of 14 points after moving in the positive territory most of the time, in the range 4562- 4637 - unlike the last three days. The Nifty high 4637 was reached at 14.12 and it declined very fast to reach 4564 by 14.40. Thereafter Nifty slightly moved up and closed at 4587. Even though Index moved in a range during the week passed by, many of the mid caps and small caps are continuing its upward swing even when Nifty is below Agni level. Hence this time exiting mid and small caps may result in loss of opportunity to gain. Vakransoft which is in 5% ceiling for the last 15 days is one such example. Tomorrow's Agni level is at 4632 which is above the Nifty close. Considering the fact that Nifty moved above that point on Friday, we are likely to get the direction of next move during the coming week. In the last post Nandi expected a down ward move as Nifty stayed below the Agni level and it was a normal Friday.