Nifty again closes above 4500

Friday (21-8-09)after volatile movement in the range 4401 to 4539 Nifty closed at 4529 with a gain of 76 points. On global cues, Nifty opened at 4413 with a loss of 40 points, increased the loss to 52 points, thereafter steadily moved up to 4493, on concerns on drought it lowered up to 4468 (14.05 - FM's speech)and surged ahead to 4539 again on improved global cues. Once 4500 is bypassed it gained fast due to short covering which is evident from the decrease in Open Interest in 4500 call - 50.20 lakhs reduced to 29.75 lakhs. As Soma level for tomorrow increased from 4564 to 4647, further gain in Nifty is expected on Monday.