August series settlement day Nifty closes flat

Today (27-8-09), the settlement day for August series, Nifty closed flat at 4688 after narrow range bond movements within the range 4645 to 4708. On global cues Nifty opened with a loss of 36 points and soon recovered all the losses (10.30) and moved within a narrow band similar to yesterday. Today's high was 4708 (+ 27 points)at 13.05. Nifty futures range was 4655 - 4712 with a difference of 57 points. Yesterday's and today's Nifty movements might have been regulated by Futures & Call/Put Option writers. Otherwise Nifty may have followed global cues and declined. Therefore, even though tomorrow is an Exceptional Friday, don't expect large gains. Further, near the recent high of 4731 (on 4-8-09) selling is likely to emerge. Though Nifty was below the Agni level for the last four days, correction is yet to come.