Friday(25-2-11), the Railway Budget Day Nifty opened at 5325 with a gain of 62 points, on presentation of Railway Budget moved down to 5233, surged 88 points due to EFF(ie. Exceptional Friday Effect)to reach 5321 and closed at 5304 with a gain of 41 points(for exact details see chart). Nifty futures range was 5232 - 5347, having a difference of 114 points.
Being the Budget day, on Monday Nifty will be highly volatile. Statements to be made by the FM during his Budget presentation can drag down or lift Nifty and on later part give temporary direction to the Indian market. Shri K S Badri Narayanan says " If the Budget brings in cheer, Nifty is expected to reach 5463 and even go to 5681. On the other hand, if the Budget is neutral or negative for the markets, then Nifty is likely to touch 4960 and 4786" (Business Line dated 27th February 2011). It is worth to note that the immediate levels mentioned by him are important levels in music scale ie. 5464 is the top of M1 and 4960 centre of G2. It is likely that Nifty may move up to 5400 - 5464 range and decline. Agni level for tomorrow is 5264.
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