12-3-2009 trading in nifty shows that bounce back was taken place due to heavy selling from the previous trading sessions. Global cues also helped to that extent. Nifty closed at 2617 + 44. Follow up buying was seen in Dow today. The rise in Dow may be on Friday's trading also and may weed out on Monday. Hence, global cues are all positive for today's trade. Open Interest in nifty futures - 11 lacks (+ ve) and heavy build up at 2500 puts was melted ( + ve). Now, after one or two days we may see further build up in puts means the fall will continue and then a new bottom may be expected. Let us wait for a clear signal for fresh build up in puts. This may happen in Monday's trades. For today trading may be based on intra day swings and that to long side. No shorts will work for today. Nifty upper levels may be up to 2720-2740-2800 maximum.
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