12-8-2009 trading shows that the rising wedge break out target on 30 min chart from 4730 to 4378 was achieved. Markets recovered fully from the morning major fall means bullish view. Nifty closed at 4458-14. FII data sold in cash, more selling in index & stocks futures means -ve view. But F&O nifty oi increase in continuation with previous day's reduction is in +ve view. Option writing is balanced. US DOW in +ve, Global cues +ve, SGX nifty +ve as of now. Downing channel of 30 min candle break out to up side was seen today targeting 4625.

Over all view: As seen from the Global cues, and trading style of the previous two days it is expected that the swing reversal from down side is felt. Fall from nifty 4730 to 4357 is over and markets have to go up. Technical indicators on 30 min, 1 hour charts are reversed but on daily charts one more day is required to precipitate the bullishness.

One can go long buy calls stop loss nifty 4360. Target to up side will be above 4700-...

Retracement level from 30 min chart: 4500-4545-4590-4625.