Market Weekly View - 15th July 2007

Cheers 15 ks on sensex and 4500 on nifty. I might be a bit late but it is really a milestone to celebrate. Now everything is looking rosy. Every bull on street is making money. Going forward we might scale to new highs but we should remember that markets never rally in a straight line. This rally which started from 4100 has allready seen 400 pts move. Its time for some small correction before we move further. Correction might be an opportunity to buy, which time only will tell. Next major support for nifty is @ 4325-4350 levels. unless this is broken we are in uptrend. Adviseable to reduce long positions and enter on dips closer to 4350 levels.
Trading idea :
Buy nifty 4500 puts and hold for 2 to 5 days.

Disclaimer: I might have intrest in the above mentioned recomandation.