Mid Market Report, September 2, 2013 | Stocks and Commodities

P R Sundar, Aditya Trading Solutions

September 2, 2013
Time: 11.55

Mid Market Report

1. Market is trading firm better than expected.
2. European markets are likely to open firm due to China PMI data.
3. India PMI data came very bad and despite such a bad news the market is holding firm.
4. If Nifty trades firmly above 5520 in the afternoon, then it will likely to test 5700 in the next few sessions as long as no surprises in terms of Syria and Fed tapering.

Recommendation:

1. Go long in Nifty if it trades firmly above 5520 in the afternoon, keep the stop loss at 5475.
2. Sell Bank Nifty 8000 Put option at Rs 68 and keep stop loss at Rs 90. It seems that Bank Nifty has bottomed out, any short covering will lift the Bank Nifty towards 9500.