"Our markets were volatile , and indices have made new highs, traded range bound, as roll over positions to October series commenced, finally closed positive. Asian markets also are rangebound, and US markets are marginally week, Nifty futures almost on par with spot, as September positions are being rolled over to October Series.
By about 12 noon inflation data shall be released, rupee breached 40 mark and traded below it for most part of the day, due huge inflow of dollars, in portfolio funds. Technology sector and export oriented companies shall feel the pinch in this quarter, RBI seems to be supporting 40 mark, to save the exporters. Markets will be volatile as huge positons need to be rolled over to next series. Any correction, will be a running correction in long term bullish trend confirmed on 18th, and the previous highs (Nifty..4647 & Sensex..15869) will be supports to make purchases for good returns in the medium term.
Since we are in an unchartered territory, resistances cannot be predicted, only supports to be observed, whether held or breached to know and ride the trend which is up now on:
Short term support for Nifty shall be 4678-4648-4564-4530-4480 and for Sensex shall be 16135-15950-15870-15600-15485
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