3-8-2009 trading continued its journey to up side and nifty closed at 4711 +75 points. FII data, F& O nifty data, option writings are showing continuation of bullishness. Top end of raising wedge on 30 minutes chart was reached i.e., at 4720.
Demand for 4900-5000 calls was picked up. Now as per sensex market is just at 16000 and may require a little correction at this zone. Global cues are +ve. SGX nifty is + ve.
Over all view: Longs alert as expected there may be a small correction with in 1 to 2 days before markets start rising to final destination. One may try to book profits in calls with in 2 days. Nifty target to up side is max 100 points before a reversal.
Demand for 4900-5000 calls was picked up. Now as per sensex market is just at 16000 and may require a little correction at this zone. Global cues are +ve. SGX nifty is + ve.
Over all view: Longs alert as expected there may be a small correction with in 1 to 2 days before markets start rising to final destination. One may try to book profits in calls with in 2 days. Nifty target to up side is max 100 points before a reversal.
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