During the last fortnight from new-moon day(10th April) to full-moon day(25th April) Nifty zoomed from 5477 to 5925. In addition to new-moon day, on 10th April there was conjunction of Moon with Mars & Venus and Nifty recorded the lowest(5477) for the year. On 26th April (Friday) after moving in the range 5861 - 5907 Nifty closed at 5871. Nifty futures range was 5877 - 5920. One noteworthy fact was "eventhough it was an Exceptional Friday (being the next day after F&O expiry) the Exceptional Friday Effect(intraday up move of 50-100 points) was missing. That with RSI @ 71.91 (refer last link - chartink graph) clearly indicates that the upside for Nifty is limited, may be closing / daily average at centre of P(5952). As RBI credit policy is due on next Friday(3rd May 2013) a down move is around the corner. Be cautious. Agni level for Monday is at 5965.
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