31-7-2009 trading shows that the markets are continuing the rally and nifty closed at 4636+65 points. Though there was slide at the evening the markets pulled up with a jerk. This shows that the targets are at up side as of now. FII data, F&O nifty, option writing shows positiveness. Global cues are not positive but slightly negative. SGX nifty is in - ve as of now. The rising wedge on 30 minute charts target may be 4720 and if falls target may be 4425. But in between there are strong supports at 4600 - 4550 -4500. As of now there were no short side build up and option sales has not yet completed. Hence, as the final target of the month is to up side market will fall one time and tempt the traders to short and then finally markets lead to up side for the targets 4880-5200-etc.

First alert 4615-4580 to down side but do not trade to down side. As markets may correct at 4720-4750 one can wait for down side trade just for 100-150 points fall only.