"Sensex opened with a gap yesterday and traded firm above 14700 for quite some time and touched 14745.97 creating a history, as it cleared the previous high made on 09.02.2007. Though Nifty is trading in new territory above 4245.30 for long period, Sensex could clear yesterday, clearly giving bullish out look as predicted in our report "Outlook for July' 2007" posted earlier, before opening of the markets. Nifty futures discount reduced from 22 points to 11 points as at the close of trading is positive for the markets today.
US markets closed strong over night and asian peers are trading firm, will give firm opening for our markets and short squeeze will help indices to post gains today. Sensex closing above earlier high of 14723.88 during this week will give confidence for fence sitters to jump in to buying mode, which should take sensex to the upper end of the range for the week...14950. Volatility will be high as we are trading at all time highs, and it is now "buy on dips markets till the results season unfold on 11th with Infosys Q1 numbers and guidance. One may watch trading opportunities buy going long 4300 straddle ( Buying 4300 call and put options for making quick returns) in June series.
The day's range for Nifty shall be 4280 (Support) and 4365 (Resistance); Sensex shall be 14500 (Support) and 14800 (Resistance)
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