Better Day: August 7, 2012
Nifty August Futures closed at 5347.70 up by 50.85 points. Bank
Nifty closed at 10620.50 up by 122 points. Open Interest in Nifty was up by 8.63
lakh shares at 2.50 Cr shares across all the series. Turnover was up from
yesterday’s level at Rs 1.11 trillion. Put Call Ratio across all the series for
both Index & Stock Options was slightly up at 1.03. Volatility as measured
by India VIX was almost unchanged at 16.21 and Dollar Rupee pair was trading at
55.30. In all it was a resilient day with upward bias.
In my opinion, as long as we are above 5100-5150 range which
also coincides with medium to long term averages and 5200 which is short term
average we are in a bullish zone and every dip to this level is a buying
opportunity and any such correction should be bought in. Potential book profit
level is 5500. It is advisable to trade keeping in mind 5100 as potential stop
loss level.
Happy Trading
Atul Doshi
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