No fresh short term positional trades are suggested on a rise. However, it is a buy on decline climate at the moment but traders with risk appetite could start initiating NIFTY put options in January to June series at levels around 3000.

100DMA is positioned in the area above 3600 on NIFTY but that would be too optimistic a target. Yet, the target of 3400 on NIFTY has appeared on the horizon and that would be the perfect area to initiate fresh shorts with adequate stop loss. On the other hand, if NIFTY fails to move above 3100 (which looks unlikely) then brace for another bout of weakness. But the signals from the world markets are positive and the Auto bailout in the U.S. could propel the DOW above its crucial upper range at 9000. That would be a very positive sign technically. Watch out!