Nifty update for 29th November 2011

It was quite a good bounce back and worth playing ..It hit our first level of 4860 and broke that level.The rally could extend to 4900+ levels (as said in the previous post), but as we are playing the bounce any level close to 4900 or 4900+ levels could be good enough to square off the long positions and wait for a topping out pattern. Huge short covering is very much visible and the poor turnover data shows that the upmove is contributed by short covering. As the world markets are also covering short positions let's wait for a topping out pattern for the next move and the rally could extend upto 4900+ levels.As a trader who have played the bounce back should square off all the long positions close to 4900-4900+ levels as above that there would be some major hurdles to cross.As a trader i would be booking my Nifty futures position today it self and play the rest of the upside move with options.