It was a flat session and it is better to get rid of nifty and focus on individual stocks when tight ranges are forming with low volatility.The trend is still up with an immediate target of 5470 and nifty has almost done with it. If it moves above this zone it is worth playing stocks like ICICI bank as the stocks seems to giving a consolidation break out.Thus i guess 1000 call September would be decent bet if it goes above 980 zone and gives a good closing. When nifty is at the upper end of the channel go of options as the prices are cheap and there is no point in investing in a stock like ICICI bank at this point of time.Turnover data still remains a worry and the poor turnover shows that retailers are still waiting for a major dip to be buyers. Traders have to watch the reduction in premium and moves in volatility index closely to identify any topping out patterns.As of now it is inching towards upper levels close to 5470 and may be above that mainly because of the up move in base metals and a dip in the dollar index. Thus the reversals have to happen in the dollar index for any downward move.The trading range can be 5400-5470.
