Brief up moove can be expected.

The negative effect of petrol price hike didn't bring down Nifty today(2-7-09) even to the yesterday low of 4250. Today's low was 4289 and the close was at 4349 against yesterday close at 4341. After volatile movements in the range 4384 and 4289, during 14.00 and 14.30 Nifty was idling at 4320. Then there came a sudden surge which took Nifty to 4366, reason may be known only to some big traders. Nandi do not agree to the usual explanation of "short covering" as told in media. Nandi wanted the answer why short covering was necessitated. What ever may be the reason, that surge enabled Nifty to close flat and bring down Agni level to 4364, a level which is lower than today's three time highs. Hence, tomorrow Nifty is likely to move above Agni level making us to cover our shorts and go long. One thing that baffles Nandi is the changeless position of Soma-Surya levels for the last three days and the frequent shift in the direction of Nifty. It may perhaps due to the brief direction change in Nifty within the broad downward direction, that might have generated on the eve of new UPA government's first Budget that will be presented to the Parliament next week.