A better morning.

The S&P500 rallied to close higher on Monday. This is leading to a better morning in Asia, and, probably in India. Monday was a narrow range day. Today’s gap up could lead to a trend day with higher levels by the close. In Sepember futures, support comes in at 4958 approx. I think, buying is possible with 4935 as a stoploss. Please understand that these are indicative levels before the market opens. Traders should have their own plan available, after watching the first 15 minutes of the market.

With Monday’s decline, the possibility of an inverted (bullish) head and should also exists in the Nifty. Earlier, Balu had commented on this possibility. With a stop below 4900, call buying may be considered.