Technicals Dec 16th 2011

Nifty(4746): Markets came within striking distance of breaking the 52 week low of 4639 but has seen a small bounce from 4673.  So far it does not look like down draft has ended. May be the policy decision today will be the trigger for a sell off. The extreme short term technicals is a bit fuzzy but as far as I can decipher, it does look like 4843 or 4910 is the maximum upside if this relief rally continues.

No new trading bets was taken yesterday.