On 26th April 2011 there was a freak transaction in Nifty futures @ 5393.45, which is 400 points below MiniNifty low @ 5793. From that day onwards Nifty was closing in red for the last 9 days and now Nifty is approaching "that freak figure". Open Interest of Puts at strike price 5400 is the highest (5,401,300)today. Both these facts indicate that there was a concerted attempt to bring down Nifty to the desired levels of some of the BIG dealers, which is against the interest of common people. To safeguard the interests of retail investors SEBI should investigate the following points and take appropriate remedial measures.
1)How above mentioned transaction took place when there was lakhs of entries?
2)Whether there is any inbuilt in mechanism to prevent such erroneous transactions?
3)Who are the parties to that transaction ? Who(buyer or seller) entered that figure and who benefited. Volume of that transaction? Any action taken by NSE/SEBI.
4)What are the checks to be incorporated in trading software to prevent such transactions in future.
2)Whether there is any inbuilt in mechanism to prevent such erroneous transactions?
3)Who are the parties to that transaction ? Who(buyer or seller) entered that figure and who benefited. Volume of that transaction? Any action taken by NSE/SEBI.
4)What are the checks to be incorporated in trading software to prevent such transactions in future.
What for Today,,,?
A close 5580 above might be sign of Bounce Back
Below 5448-5450 zone, Bears will try to dominate up to 5434 level and thereafter slide may continue up to 5399-5401 zone by non-stop.
Expect short covering up to 5534-5536 zone and thereafter expect a jump up to 5577-5585 zone by non-stop.
On Negative Side, break below 5379-5388 zone can create panic up to 5334-5336 zone by non-stop. If breaks & sustains this zone then Bears will try to ride and have caution.
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