Weak Opening September Series: August 31 2012
Nifty September series opened weak. Nifty September closed
at 5291.65 down by 15.25 points. Bank Nifty closed at 10070.70 up by 4.85
points. Open Interest in Nifty across all the series was 2.06 Cr shares. Turnover
on the first day series was Rs 888 bn. Put Call Ratio for both Stock &
Index Option was pegged at 0.88. Volatility as measured by India VIX was up by
3.78% at 17.30. Dollar Rupee pair was trading bit lower at 55.76. In all it was
a weak day as traders were not gung ho about the markets as can be seen from
PCR activity as well as volume in the market.
Nifty is not breaching 5270 on closing basis. Crucial point
though is 5230. If we break 5230 than Nifty will end its intermediate uptrend
and if weakness persists, it may fall further. Anyway if it trades above 5300
on sustainable basis than target of 5500 is still alive. It is advisable to
adhere to strict stop loss while trading.
Happy Trading
Atul Doshi
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