Weak Day: September 5, 2012
Nifty September Futures closed at 5253.35 down by 46.05
points. Bank Nifty closed at 9899.95 down by 188.10 points. Turnover was up at
Rs 841 bn. Open Interest was down by 85k at 2 Cr shares. Put Call Ratio across
all the series was slightly up at 0.82. Volatility as measured by India VIX was
up by 2.5% at 17.01 causing Nifty to fall. Dollar Rupee pair was also trading
higher at 56.06 which further caused Nifty to remain under pressure. In all it
was a weak day and as traders didn’t find any follow up buying they were
tempted to square off their positions.
We have breached 5270 on closing basis which doesn’t augur
well for the market. Incidentally 5257 is medium term moving average and today
we have closed below it too. If we are unable to bounce back tomorrow, above
this level on closing basis than probably, we are heading towards 5125 which is
long term moving average and most likely might go and test 5033. Extreme
caution is advised to traders.
Happy Trading
Atul Doshi
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