BEARS WAIT AND WATCH

Yesterday's trading shows a strong recovery that may prevail for one or two days bullish. Nifty 4349, sensex 14499. Nifty September future -2.5 lack. fii data -ve in futures (stocks & index) and in cash stocks. Nifty put writing 4200 +2.4 lacks 4300 + 5.8 lacks & calls 4300 +5.2 lacks 4400 +5.5 lacks 4500 +2.5 lacks 4600 & 4700 +1.1 lacks. Nifty support 4200 resistance 4380-4450-4520-4650. money flow index may turn bullish, macd to +ve. Bears may wait and watch. Exit puts nifty above 4390 and enter calls 4500. Put open interest still not reduced. At the first instance of the major reduction in puts Open interest one may buy nifty puts 4300. Markets may come at least upto 4200 in this month if 4500 resistance is stronger.