Nifty Flat : Euro/US manufacturing increases : 16 Dec 2013

Nifty was range bound today mostly on the lower side . WPI inflation increased to 7.52 % which is not a good sign , with Retail inflation also at peak RBI has no other choice but to increase rates to tame inflation . Nifty will remain range bound and will decide on direction by end of this week , taking cues from RBI policy and FED meet . As mentioned 6000 is a very strong support and my views are mostly on the downside . I may take a long Bank Nifty position or write Puts if prices are favorable tomorrow .
Europe and US reported a jump in manufacturing activity led by Germany . US also reported an increase in industrial production and thus adding to the chances that Fed may start reducing this month . Coming to currencies dollar was trading flat among its peers with no clear direction . I am closely watching $GbpAud on a sell side . Gold fell last week but recovered today  , now trading at $1246 . I am bearish in the short term and will start accumulating around 1200 -1190 levels .
Nothing but to wait for the D-Day and see the action .

Strategy
No change in Sell Nifty Jan Series
No change in long $UsdChf .
Closed half short $GbpUsd position.

Happy Trading

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