"Our markets opened firm taking positive global cues, and profit booking made the indices volatile and finally closed in negative territory. Nifty touched new high at 6011.95, while Sensex is unable to close above 20000 mark, though an attempt is made thrice during the week so far at the opening of sessions and intraday, suggests that investors are cautious at higher levels, is a good sign for the markets, in the long run. Nifty futures closed at a steep discount of 41 points, on creation of short positions once 5850 was broken intraday, indicates further weakness.
Crude touching 96$, and down grading of citibank by analysts brought huge selling in US markets overnight, which will lead to gap down opening on our indices too. Asian markets have opened weak already, and the inflation data to be released at 12 noon shall decide the trend for our markets. 5% correction levels from recent tops on Nifty(5711.35) & Sensex(19226.25) should offer buying support in case of weakness in our markets intraday, as India story is very much intact. Buying in blue chips which have given good performance Q2 is recommended for substantial gains in the future. Any weakness in indices is a buying opportunity, as the markets are in sideways consolidation mode, after a spectacular run for the past 2 months.
Strategy for the Day: Buy 5700 calls on weakness and 6000 puts on rallies for quick returns in day trading.
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