"Our markets opened with a gap following global cues, and found support at 100DSMA immediately, and rallied to fill the gaps same day, defying the mood of all other markets. US markets rallied overnight on the hope that Fed would start cutting rates from 18th sept onwards, and recovered all losses posted on monday. The volatility was at its best yesterday, and shall continue today and tomorrow too, as markets are reacting to positive and negative news/whispers excessively on either side.
With our indices firmly closing above June settlement price of 4282, the party might continue on bear squeeze today too, Nifty might attempt 4400 today in the initial hours itself, and nifty is likely to settle above 4318.30 June closing, which augurs well for our markets, confirming the ending of correction.
Strategy for the Day:
Markets will be highly volatile, as observed and nimble day traders can go long on 4350 calls of Nifty in August Series on weakness and 4400 puts on rallies and book profits, intra day quickly, without waiting for settlement price.
The day's range for Nifty shall be 4282(Support) and 4404 (Resistance); Sensex shall be 14725 (Support) and 15293 (Resistance).
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