Breakout Day: September 14, 2012
Nifty September Futures opened with gap and closed at the day’s
high at 5584.90. Bank Nifty too opened with a bang and closed whoopingly high
by 424.95 points at 10650.85. Open Interest in Nifty across all the series was
up by 20 lakh shares at 2.28 Cr shares indicating Bulls have become aggressive
in mopping up their positions. Turnover was up by more than double at Rs 1.95
trillion. Put Call Ratio was slightly down at 1.02 across all the series for
both Index & Stock Options but was smartly up at 1.44 for Nifty alone in
current series. Volatility as measured by India VIX was down by 2% at 15.38 and
Dollar Rupee pair was smartly down to 54.29 helping Rupee to become stronger
against Dollar. In all it was a day of Bulls who swept Bears in today’s
session.
My belief has once again being vindicated as we crossed 5500
in a style and are approaching fast to kiss another important level of 5630. Undertone
is strong, Bulls are active, bears are worried and so it is advisable to remain
Bullish in medium to long term. In short term corrections might come which one
should use to add positions.
Happy Trading
Atul Doshi
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