Nifty 4225 and Beyond - AP

After being overtly bullish for the last few days, I am cautiously bullish now. The market is fast approaching overbought conditions on hourly charts, and hence the cautiousness. The first hurdle for Nifty is 4110-4120, and the support level is 3990-4020 (it should not go below this level this week, if this bullishness is to continue).
It is recommended to remain long, and also hedge the positions by buying Nifty puts once Nifty approaches 4190-4220.

The puts can be squared off in loss once Nifty crosses and closes above 4225, beyond which 4365-4370 looks possible. Till then enjoy the see-saw ride.

'See-saw' reminds me of the relation between Nifty and the MCX Crude in INR. Nifty on January 8, 2008 was 6357, which was the high for the Nifty for months to come (even years!) and the high of crude oil on MCX on July 15, 2008, was 6358, again a high for monthsand years to come.

Are the bulls and bears in the stock market and commodities markets playing a game of see-saw like the kids do in a park?