"Our markets have become volatile once again as anticipated, and closed in negative territory. Interesting feature is inspite of weak global cues buying support is evidenced around 4464 on nifty which was August closing. Sensex is able to manage close around July closing of 15550, which indicates that bulls are having upper hand, and once the FOMC meeting, event is passed without hiccups, our indices shall resume upward journey to post new highs.
U.S. markets closed firm overnight, and asian markets are trading in positive territory, which shall strength to bulls to press for purchases, which will give gap up opening, and Nifty once closes above 4530 for this week, the volatility will come down and it shall challenge previous high 4647 in due course.
One can go long on November futures of Nifty, which are trading at huge discount, duely hedging the same with sept put options of 4550 and roll over the positions till the 5000 target is achieved, could give substantial returns, instead of day/week trading, where lot of skill is required.
One can accumulate UCO bank above 40 for a target of 59, as they are planning FPO shortly.
The day's range for Nifty shall be 4400(Support) and 4550 (Resistance); Sensex shall be 15055 (Support) and 15777 (Resistance)
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