Daily Update: 17.08.2011
Today nifty opened at 5040, made a high of 5126 going straight down to 5014 closing marginally up at 5067(5040).
Prognosis remains the same. Nifty August Future is not able to breach the gap of5191-5337 which it made on 05.08.2011 and trying to touch 4951 which it made on 09.08.2011. Today also it remain short of yesterday's high of 5140 by 14 points. It even didn't touch yesterday's low of 5006.
On volume chart, trading volumes were higher than yesterday. Traded quantity was higher by 6627100 lacs shares, No.of contracts were up by 132542 and No. of trades were up by 48503. Open interest was down by 1169600 shares.
Though overall trend is strongly down, some of the traditional indicators are in oversold zone which might lead to some pull back.
Strategy still remains the same. Sell on every rise till it breaches this gap and trade substantially above 5337 for few days.
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