10-8-2009 trading shows that though the markets opened up due to positive global cues corrected further continuously up to nifty 4226 and later bounced back in to positive territory once again. Then again the selling pressure continued which aggravated at the closing time to the lower levels of 4400. Nifty closed at 4438 -44 points down.

FII selling in cash -> weakness, buying in index & stocks futures -> alert, F&O data nifty future added in the down market -> weakness, option writings in addition to 4400 calls addition 4400-4300 puts also added -> balanced. SGX nifty +ve, Global cues : Dow - ve, Asian markets +ve.

Technical indicators are required one more day correction for showing fully oversold signals. Nifty support levels are 4325-4260-4230 and resistance 4576-4588 (5 &10 day sma)

Over all view: As the US fed in at 2 day meeting now, one may expect some reversal on Wednesday onwards in our markets. Wait for reversal signals as of now. Try to buy 4500 call at Rs60/- for very huge gains in this month.