Nifty bounces back after touching SuryaAgni levels

Today (12-8-09) Nifty moved in a U shape. Opening with a loss of 65 points at 4406 it slightly moved up to 4440 (10.30), steadily declined to Agni level at 4361 / Surya level at 4359 (13.00), thereafter retraced almost all losses and was at centre point of Chatusruti Rishabham (4465) at 15.30. On averaging Nifty closed the day at 4458 with a loss of just 13 points. The pull back was really impressive considering the fact that Nifty could recover 100 points from the day's low at 4359 (loss of 112 points). It is probable that Nifty may continue its up move tomorrow till next bout of selling starts, may be above 4500. Today FIIs net sell was at 504.99 crores.