Day of Consolidation: September 6, 2012
Nifty September Futures are in consolidation phase and have
managed to close higher at 5261.10 up by 7.75 points. Bank Nifty has closed
higher at 9937.90 up by 37.95 points. Open Interest in Nifty was down by 8.69
lakh shares at 1.91 Cr shares. Turnover was slightly lower at Rs 805 bn. Put
Call Ratio across all the series fro both Index & Stock Option was slightly
up at 0.88 though way below comfortable level of 1. Volatility as measured by
India VIX was marginally down at 16.98 and Dollar Rupee pair was trading at
55.92. In all it was a day of consolidation and markets are waiting to break
out on either side.
In my opinion since we have not managed to close above 5270
today also, we are heading southwards and as said yesterday we might test 5125.
If we break the same we might test 5033. It is advisable to trade with strict
stop loss as in coming seven sessions we are going to be greeted by many
important global events which has potential to manipulate market in substantial
way.
Happy Trading
Atul Doshi
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