17-6-2009 trading shows the result of the FIIs huge short positions on the previous day. Though the markets rise from opening lows to zero level later took dive to close at nifty 4356 -162. (Every thing in one day?).  

FII data in cash, index future are on short side and it seems FII s added further shorts to the extent of 29.5 lakhs in index futures though they were balanced (intraday) in stocks futures side.  Levels were not yet reached. DIIs bought in cash segment.  Global cues are not positive. All technical indicators are to down side. SGX nifty flat to little bit positive. 

Over all view: Though our Govt/news is not + side and SGX nifty on + side markets may not turn up as a final go today.  Still down side journey is there as seen from FII positions in index futures. One can wait for Friday mid day to buy any calls.  Target trade to buy calls nifty 4300 atRs 40/-.  

For today wait and see for weakness in intraday charts and play to down side only.

Downward levels for nifty are     4285  -   4177  -   4155  -   4102  -   4092  -   3930.