AUTOMATED TRADING

AUTOMATED TRADING

23 September 2012

NIFTY X-RAY REPORT FOR 24 SEPTEMBER

 As I have mentioned earlier about LOC 5217 level. Market taste this level and recovered sharply from there. The markets closed with robust gain last week with banking was the best performer. The Sensex closed at 18752.83, up 403 points from its previous close, and the Nifty closed at 5691.15, up 136.90 points. The CNX Midcap index was up 1.8%. I have  mentioned in my previous post that shorting without sell signal will be like AA BAIL MUJHE MAAR. Market gave a robust jump and acheaved my target (5705), Which I have projected earlier.
Technical analysis is a wonderful tool, there is no need to use Mental funda. Now every body is talking about more higher level. I have predicted this level when market was around 5300 level and mostly technical analyst was projecting lower (4900) level then.
Now what Next ?
Is this rally is over Now or will be continue ?
Neither rally is over nor it will continue. Rally will consolidate here between 5800-5400 range for some time and after that it may give a more up move till 5995 level till nov 2012. But I will need some more trading session to confirm it. Further it is moving according my projection.
Fiis sold index future worth rs 408.98 crore and open interest nifty open interest increased by 1.2%, market up by 136 points and Fii sold index future indicating that fii have used this rally in booking profit.
Nifty 5700 put added 3535550  fresh shares in open interest.
Nifty 5800  put added 1016000 fresh shares in open interest.
Nifty 5800 call added 1398800 fresh shares in open interest.
According to option open interest data indicating that nifty will  fight between 5700-5800 range for coming session.
But I highly expect that nifty is tired now and will face strong resistance at 5750 and 5800. 
We have made almost 605 points till now in august and sept. The performance is given on the right side of this page. It is expected atleast 100 more points in this month.

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