View On Nifty

Channel — The index is trading in an upward sloping channel from the low of 4136
(low of 19 June 2007). Yesterday the index was trading around the upper end of the channel. Today fall is not conclusive and can be form of consolidation.


Moving Averages — The index is trading above the 5 dma = 4527 and 10 dma =
4480. Intra-week declines should find support around the 10 dma around 4480.

Support — Intra-week dips should find support around 4480. Lower support is around 4453 (low of 18 July 2007).                                                              

Nifty- Positions Taken

Nifty 4300 PUT and 4200 put was sold today. Market is unpredictable with bias towards an uprun which made us choose far off targets for august.