7-10-09 trading shows that the rally was not taking place by facing the top resistance at nifty 5060. Nifty closed by correcting more at 4986-41.

• FII data shows that more buying in cash, index futures, and stocks futures.
  
• F&O nifty Open Interest added 8 lakhs means shorts.
• US markets are flat. Global markets are flat.
  
• Option writings are at 5100 5000 calls and 4700 4900 puts.
  
• Long term support is at 4927.
  
• Raising wedge upper level is at 5130.
  
• 20day ema =4927.
  
• 5 ema high=5062.
  
• 5 ema low=4970.
  

Over all view: As the Reliance bonus issue makes reliance to go up one may expect some rise in the markets. Tomorrow will be Infosys result. Now we are at long term support levels. FIIs once again came into buying. If market takes support at lower levels and bounces one may expect further rally that may leads to 18 k at Diwali. Let us check the trading pattern for today and tomorrow. If market breaks the long term support then immediate target will be 4550.