22-5-2009 trading shows that the nifty 4167 lower level support was tested and bounced up to close in positive at 4239 +28. FII data is negative. F & O data is a little bit positive ( may not be further fall). Global cues are dull. Calls were more written than Puts. Though the under current in the market is bullish the rise at present is linked to the F & O settlement. Monday's trading is important for immediate rise in the market for the week.
As we have 11 weeks positive closings, as per fibonacci numbers we may have another two positive weekly closings. Means markets may correct in a big way (beyond 10 day ema line) in the next month ie., in the 2nd week of June. Some what this view is justified as there is no major correction since nifty 2530 for the entire 2000 points journey.
Over all view: Wait for half a day trade on Monday then think for 4300 call buying if previous day's lows were not broken. If 4250 was not crossed then buy put 4200.
Nifty levels: s2 =4120 s1=4180 p=4215 r1=4273 r2=4308
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