WAVE of OPTIMISM

Yesterday, nifty moved up after making a double bottom at 4453 and there was no looking back after the strength test of NF 4548 was crossed. My analysis is that this wave has been moving up after making double bottom at 2273-2963-3300-3534 and now at 4451, so one can keep S.L.of 4451 for any longs now... however, surprisingly FII's have been selling stock futures and now index future though buying in cash segment...means they are fully hedged. Yesterday, Open interest in Index future dropped dramatically inspite of increase in price showing profit taking or cutting of longs... there is no sell signal so far. Today's pivot is NF 4545 with strength over 4579 for target 4620-4657 . .. in case of any profit taking support at 4523-4508.