"Following global cues our markets too corrected, however, wednesday's lows are not breached. Nifty futures went into steep discount of 25 points, as most of the players hedged their 4100 puts short position. Shorting of 4100 puts was seen in the morning which confirms this observation. Bears inability to push the indices below the supports mentioned by us 4100 (Nifty) and 13950 (Sensex) on a negative cues day gives a sense that the correction from top is complete and markets are poised for a relief rally, with DLF IPO closing today and Vishal Retail IPO being subscribed more than 100 times yesterday.
Advance tax payments shall be over by tomorrow and markets should give credence to fundamentals. Recovery in US markets overnight and firm asian markets definitely give support for bulls to take on bears and short squeeze makes markets open with a gap up and sustenance of the gap on closing basis confirms the completion of correction at wednesday's lows..
The day's range for Nifty shall be 4100 (Support) and 4250 (Resistance); Sensex shall be 13950 (Support) and 14400 (Resistance)
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