----for details of the waves understanding visit Ilango's blog at http://tradeinniftyonly.blogspot.com/search?updated-max=2009-08-19T09%3A21%3A00%2B05%3A30&max-results=3
********POSITIONAL STRATEGY--
---Ideal Strategy- NEUTRAL.
---Do not hold long if closes below-4367.
--- Do not hold short if closes above -4516.
--- Visit the page to understand how to implement positional strategy during trading hours……….. http://niftydoctor.blogspot.com/2009/04/opening-range-breakout.html
---The positional strategy is based on my mechanical trading system.
********CUES--
--Nifty August future discount increased to 8 points so cost of carry decreased. (Bearish)
--Nifty open interest increased by 18 lacs suggests short addition. (Total OI now at 2.72 cr)
--Nifty calls added 21 lacs and puts added 16 lacs in open interest. (Bearish)
--Nifty open interest put-call ratio is at 0.97.
--4300 puts had open interest of 54 lacs (+7%) and 4500 calls had open interest of 41 lacs (+18%), so 4300 and 4500 will be important levels to watch for.
--India VIX closed at 40.21, decreased by 11% suggests stability. (Bullish)
--In Nifty stocks, advance-decline ratio is at 8/42. (Bearish)
