Gap Up Opening: September 7, 2012
Nifty September Futures opened with a gap and closed at
almost high of the day at 5359.10 up by 98 points. Bank Nifty closed at
10139.85 up by 201.95 points. Open Interest in Nifty was up by 10 lakh shares
at 2.01 Cr shares indicating mop of positions by Bulls. Turnover too was high
at Rs 1.06 trillion. Put Call Ratio across all the series for both Index &
Stock option was smartly up at 1.09. Option writers squared off their Call
Options and Wrote Put Options. Volatility as measured by India VIX was down by
drastic 10% at 15.26 and Dollar Rupee pair was also trading lower at 55.55. In
all markets were good backed by favorable statistics on all count.
I have been proved wrong and instead of falling further we
bounced back very smartly. I, though in yesterday’s post warned that in coming
seven days we are going to be greeted by many global events which have
potential to manipulate markets. Yesterday’s favorable global news lead to gap
up opening and gave a better close. We are now broadly trading in a range of
5250-5450 and on either side of the range we see resistance. This range is
going to be crucial and traders are advised to trade in a range.
Happy Trading
Atul Doshi
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