Day of Consolidation: September 10, 2012
Nifty September Futures closed at 5371.65 down by 8.55
points. Bank Nifty closed at 10096 down by 83 points. Open Interest in Nifty
across all the series was down by 16.28 lakh shares at 1.87 Cr shares implying
some unwinding by Bulls in the market. Turnover was Rs 764 bn. Put Call Ratio
across all the series for both Index & Stock Option was pegged at 1.08. Volatility
as measured by India VIX was up by 3.5 % at 15.27 and Dollar Rupee pair was
trading at 55.55. In all it was a day of consolidation with seeming probability
of Bulls unwinding in the market lacking follow up action by traders.
We traded in a range of 40-50 points. As we have closed
above 5300 level for consistently couple of days, I feel we are consolidating
and might move ahead to kiss 5400 and subsequently 5500. It is advisable to
trade on Bull side but of course with strict stop loss.
Happy Trading
Atul Doshi
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