Global cues are positive and Nifty is expected to close in the green today. Expect some short covering also to take the markets higher.
After the huge event of elections last Monday, Nifty has been consolidating and slowly drifting down. A range for Nifty for the time being has to be set now, before any major move. The most probable range can be 4050-4500. The lower end of this range probably got tested yesterday. Now, with a reason to move up, I think we will first go to test 4280-4360-4400 before any major correction. However, F&O expiry can be volatile times, so one has to be careful.
Today, buy Nifty on dips as long as we stay above 4115 on Nifty spot.
Nifty resistance at 4195-4230-4275. Support at 4115-4070-4030-3950
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