15-6-2009 trading shows to continue the weakness and falling from the rising wedge in the daily charts. May be RIL-RNRL case is one factor. Nifty closed -99 @4484.  Technically markets will correct further. RSI was below 70. But as per F & O data there were no major shorts build up means bouncing from lower levels is very strong but one has to catch it perfectly.  Last 15 minutes heavy call buying and put selling was seen across the board.  FII data negative, F & O data is weak but not negative, option writing is downward biased. The target for the wedge break out will be nifty 4300-4100. But cutting the previous week low 4380 is not easy. Let us wait and see what happens. Global cues are negative SGX nifty at present is -99. 

Over all view:  On many occasions markets gave profits on up side jumping and so one has to catch the chance of buying calls may be 4700 in single digits. Don't trade short side and wait for buying calls.....