FRIDAY: 03OCT 2008

Technically, the World markets could be in the process of making a short term trough during the next couple of sessions. Just keep a stop loss of recent lows and remain long. Also keep in mind that all the rallies would be bear market rallies that have limited upsides. It is nobody's guess now that the markets would be making new lows from time to time in medium to long term with intermittent rallies. Volatility could remain high this month due to quarterly earnings' reports.

Buy Nifty Call options of 4000 and 4100, if you must! Book profits on every rise.
Major resistances are 4010, 4070, 4180 and 4300.
Short term supports are 3890, 3858, 3824 and 3715.
A close below 3715 would pull the markets towards 3550 immediately.