NIKKEI and HANGSENG have managed to surpass their crucial resistances at 8500 and 15000 respectively. This could help them rally in the short term.
If DOW and FTSE100 also surpass 9000 and 4600 respectively then expect a short term rally world wide.
But these would only be bear market rallies and the prices could remain buoyant before earnings seasons next month. So, remain light on long side and do not initiate shorts immediately on every rise until prices give reversal signal.

SENSEX faces resistance at 9970 while NIFTY faces resistance at 2958. Watch out for these levels because a reversal from/below these levels would imply that the markets are losing steam and fresh shorts could be initated for new lows. But wait for a clear signal until Sensex closes below 9480 and NIFTY below 2863.

The preferred buy at higher levels would be NIFTY PUT options of January strike 2700 or March strike 2500. But if the markets reverse soon then Put options in December series would also be recommended.

RELIANCE can move higher towards 1370 if the momentum continues but the signals are mixed. Long term pick in tranches is preferred at lower levels of 1000 and then 900 with long term stop at 800.
SBIN faces resistance in the band between 1200-1250. Go long for short term if this band is surpassed. Long term pick in tranches is preferred at lower levels of 1000 and 900 with final stop at 700.
INFOSYS is also not showing any signs of strong momentum as it faces resistance at 1300. Initiate short term longs above 1300 only. This stock would be a preferred pick at 1050 and 1100 levels with long term stop at 950.