Nifty holds the opening level

As Chinese and Asian markets were down in the opening, Nifty today (31-8-09) opened gap down at 4662 with a loss of 70 points. After moving in the range 4701 - 4635 Nifty closed the day at the same level of opening ie. at 4662 which is 70 points lower than yesterday's closing. Since Nifty was able to hold the opening level at the closing also Nifty may rebound and recover the loss tomorrow, provided global cues in the morning does not indicate otherwise.

Exceptional Friday Effect 93 points; But Nifty up 44 points only

As the area around 4731(recent high)may offer stiff resistance and possibility of sell off is also there, Nandi didn't expect much gain today(28-8-09) due to Exceptional Friday Effect. Lo! market has its own ways. First, Nifty corrected intraday to 4651( -37 points) to create head space for Exceptional Friday Effect and zoomed 93 points to 4744, breaching the recent high of 4731. However, Nifty closed at 4732 with a gain of 44 points only. Now the probability is that Nifty may move to centre of Gandharam at 4759 on Monday. As the 4th September is the next Full Moon day, expect the top around that date.

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.

Nifty closes just below Agni level.

Today (26-8-09) after swinging in a tight range from 4659 - 4698 range Nifty closed at 4681 with a gain of 22 points. Today's Agni level was at 4682 and the closing is just one point below it. Nifty's plus through out the day roughly at half an hour interval was 24, 35, 14, 34, 1, 0, 36, 39, 21, 33, 16, 20 and 22 - did not move to negative territory. Nifty futures range was 4653 - 4703, just 50 points difference, which is the lowest after 20th March, 2009. On 20th March, 2009 the range was 2765 - 2813 with a difference of 48 points. Considering the Nifty value on that day and today it can be said that percentage wise today's range was the lowest. This may be due to the fact that F&O settlement is due for tomorrow. Tomorrow's Agni level is at 4767 and it is felt that Nifty may not be able to touch that level tomorrow.

Nifty closes below Agni level

Nifty today (25-8-09) had almost a "N" shape movement. Opened at 4598(-45), 4636(-7), 4583(-60) at 11.30 and 4673(+30) at 14.42 and closing at 4659 (+16). Though at the first attempt, Nifty didn't go up to Agni level at 4674, in the afternoon session it exactly touched the level (4673) and declined. Tomorrow's Agni level is at 4682, Nifty closing is at 4659 and hence anticipate a decline. However, high volatility is expected as settlement of August series is just two days away.

Nifty closes in Gandharam. But below Agni level for tomorrow

Today (24-8-09) Nifty opened with a gain of 77 points, inched up to 4656 (15.10), declined to 4626 (15.30) and closed at 4643 in Gandharam with a gain of 114 points. Today's Soma level was at 4647 and Nifty remained below that level till 15.00. After that it added just 9 points more and reached today's high 4656. Tomorrow's Agni level is at 4674 which is above the Nifty closing today. Therefore, unless Nifty is able to close above 4674 tomorrow it is a signal to exit/short.

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.