The signals from world markets are encouraging and markets may trend upwards from current levels today.
Higher the close above 9300/2800 on Sensex/Nifty, better the chances of having made a short to medium term trough at yesterday's low. Similar would be the picture for most of the bellwether stocks. But to form a bullish pattern on the chart would require a positive close next week also. If we get a positive close next week after closing above 9300/2800 today then we are definitely going to have the Obama rally straight into the spring season, may be. The only questions that are hanging fire are our domestic earnings and also the ongoing debate of our audit standards. Hope that there are no more skeletons yet to tumble out.
A close below 9000 any time during the next few days would shatter the hopes this season.

Buying calls of strike 2800 to 3000 are recommended for very short term gains over the next few days. Hold until expiry. The better position would be go for February calls of strike 3000 and above. Also do not forget to add Put options of lower strikes on a rise above 3000 on Nifty. Put options work as insurance against sharp falls.