"Both the indices have opened positive on wednesday and traded positive entire day and closed positve above 20 DSMA levels and near the resistance levels of sideways range specified for the day. There was no major sell off, nor committment at these high levels in view of the confusion persisting in the global markets, nifty futures traded at discount during the day, which can be treated as hedging by institutions.
US markets have corrected over night, however, asian markets are trading firm; it is to be seen whether the indices break the trading range today and close above it with large volumes, which invite short squeeze as well as fresh commitment, which can take the markets out of side ways consolidation pattern. Even if there is intra day dip owing to roll over and weak US markets, 20 DSMA is to be held for further rally, which now stands at 4214.26 (Nifty) and 14294.87 (Sensex).
The day's range for Nifty shall be 4150 (Support) and 4250 (Resistance); Sensex shall be 14050 (Support) and 14400 (Resistance)
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