"Sensex and Nifty opened firm yesterday, traded positive throughout the day and both made new highs; Overseas markets are stable and US markets are closed today, for Independence day. Overall sentiment has improved with caution, Since the rally is running for 4 days, correction is expected anytime, which shall be an opportunity to go long on the Nifty. Nifty shall be volatile as it approaches 4365 - 4375 range, and running correction can be there, which should be used to go long on 4300 calls for intraday / intra week gains. On noticing weakness around 4380 - 4400 levels on nifty, one can hedge the portfolio by going long on 4400 puts for intraday / intra week gains.
Indices can have real strong bull run, once ITC, HLL and Technology majors start participating in the rally with vengence. Secular bull rally can be expected once these stocks, which are laggards start participating. Long term investors can start accumulating these stocks on any weakness in the market, whenever correction happens.
The day's range for Nifty shall be 4280 (Support) and 4400 (Resistance); Sensex shall be 14500 (Support) and 14950 (Resistance)
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