Steady Day: September 4, 2012
Nifty September Futures closed at 5299.40 up by 16.5 points.
Bank Nifty closed at 10088.05 up by 55.40 points. Open Interest in Nifty across
all series saw reduction by 7.29 lakh shares at 2.01 Cr shares indicating some
short covering happening in the market. Turnover was pegged at Rs 735 bn. Put
Call Ratio was unimpressive at 0.79 indicating traders are fearful & weary
about markets going up. Volatility as measured by India VIX was pegged at 16.59
down by 4% and Dollar Rupee pair was trading at 55.77. In all it was steady
market with too much of caution.
In my opinion, we are not breaching 5270 on closing basis
which augurs well for the market and as can be seen from today’s data even
bears have covered their shorts as we are not breaching that level. Anyway as
long as we don’t close below 5230, target of achieving 5500 is still alive. It
is advisable to trade with strict stop loss.
Happy Trading
Atul Doshi
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