AUTOMATED TRADING

AUTOMATED TRADING

20 September 2012

NIFTY X - RAY REPORT FOR 21 SEP

NIFTY X - RAY REPORT FOR 21 SEP
The markets closed with moderate declines today with Metal was the worst performer. The Sensex closed at 18349.25, down 146.76 points from its previous close, and the Nifty closed at 5254, down 46 points. The CNX Midcap index was up 0.70% while the CNX SMALLCAP index gained 0.95% in today's trade. 
Nifty 5500 put added new 830,500 shares in open interest
Nifty 5600 call added new 1017250 shares in open interest.
According to above option open interest data indicating that down side 5500 will forme base for next trading session and 5600 may create hurdle upside for nifty. Nifty strong support is at 5526 now, breaking of 5526 may create further down side in uncertain political situation. But still there is no any sell signal at current level. Currently we are trading in impulsive wave and shorting in this impulsive wave would be like committed to  suicide untill unless nifty gave any signal.
Fii sold index future worth rs 102.69 cr and open interest increased 1.1% indicating that minor fresh short position has been created into the market today. Put call retio is at 1.16% which is in favor of bulls. 
I highly expect that nifty will take support around 5526 and will come again in power. there is more up side is due in market in September. Any close above 5600 this time nifty will fly to 5685 and 5735 which is my ultimate target for nifty in sept.
Nifty weekly chart is showing more up side is due in the market. RSI, ROC and slow stochastic is showing positive divergence.





























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