Consolidation Continues: September 20, 2012
Nifty September Futures closed at 5571 down by 41.25 points.
Bank Nifty closed at 10952.30 down by 110.10 points. Open Interest in Nifty
across all the series was up by 4.82 lakh at 2.52 Cr shares. Turnover was up at
Rs 1.26 trillion. Put Call Ratio was up at 1.17 for both Index & Stock
Option across all series and for Nifty alone in current series it was up at
1.51 which indicates traders are bullish and they are not in mood to give it up
soon. Volatility as measured by India VIX was up by 4 % at 18.62. Dollar Rupee
pair was trading higher at 54.31. In all it was a day of consolidation.
I stick to my stand that we are in intermediate Bull Run and this fall from higher level is correction
which might stop at 5550. My stand was vindicated today. We have bounced back
from intra day low of 5551.25 today. I still believe that target of 5760 is
achievable. Medium to long term traders should ride the Bull
Run with 5300 as their ultimate stop loss and first price target
of 5760. If we sustain above 5760, than we will make a new high in this
financial year.
Happy Trading
Atul Doshi
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