Day of Consolidation: September 18, 2012
Nifty September Futures closed at 5612.25 down by 4.45
points. Bank Nifty closed at 11062.40 up by 85.10 points. Open Interest in
Nifty was up by 6.93 lakh shares at 2.47 Cr shares. Turnover was lower at Rs
1.16 trillion. Put Call Ratio across all the series again shot up to 1.08 and
for Nifty alone in current series it was up at 1.53. Volatility as measured by
India VIX was mildly up at 17.83 and Dollar Rupee pair was also trading
slightly higher at 54.04. In all it was a day of consolidation and absolutely
range bound movements were witnessed in the market.
In my opinion, medium to long term we are in Bull trend and
we might go and touch 5760 in coming week before expiry. In short term though
we might consolidate for a day or two and in the process stabilize around 5550.
Every dip is a buying opportunity and traders must trade accordingly. Position
traders should remain long till major level which is pegged at 5300 is not
broken on closing basis.
Happy Trading
Atul Doshi
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