Day of Correction: August 16, 2012
Nifty August Futures closed at 5382 down by 24.85 points. Bank
Nifty closed at 10472.7 down by 103.65 points. Open Interest in Nifty across
all the series came down by 63k shares at 2.81 Cr shares. Turnover was lower
than yesterday at Rs 863 bn. Put Call Ratio across all the series for both
Stock & Index Options was lower at 1.03 indicating some Calls being written
against Puts as participants were witnessing some profit booking in the market.
Volatility as measured by India VIX was up at 15.69 and Dollar Rupee pair was
trading higher at 55.98. In all it was a dy of profit booking at higher level
and we may witness some correction in the market tomorrow too.
My prognosis has not changed much. I still believe that we
are in intermediate uptrend as long as we remain above 5188 for medium term and
5298 for short term. All dips to these levels are buying opportunity until we
breach the same. My advice is to hold your longs with price target of 5500 and
subsequent to that 5630.
Happy Trading
Atul Doshi
Nifty opened on a positive note today. It was up by 12.20 points from its previous close. To ensure good earning from market traders can consider financial advisory services while trading.
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