Nifty update for 10th January 2012

It was again a quiet session and nifty again retested 4700 levels but held 4690 once more.Though it made a come back from 4700 levels the turn over was on the lower side.Bank nifty failed to close above 8500 level and again it is proving to be a difficult level to cross on the upside.Turnover and volatility data show that short positions are getting created at the top but not on heavy volumes.Thus as an options trader keep the bias up only till 4690 holds on Nifty futures.All the major indices are giving an upside momentum with a good advance/decline ratio.We have two more large cap stocks to perform for Nifty to give an up move, they are l&t & sbi. L & t has to cross 1100, sbi has to give a break out of this tight range.Thus don't do any kind of over trading , let it give a break out and Nifty is still holding our range for the past 10 days.Thus lets keep 4690-4840 as the range.