For the first time industrial production data came positive also inflation was seen easing in this month. RBI has hinted that it won’t hike interest rates further as it is ok for now to tackle inflation. If we look at global market scenario then, American markets were very good performer as many banks have posited better than expected results, like bank of America. In US retail sales were boosting, unemployment was at its low for last 12 months, Fed has announced to hold its interest rates for some time more hence driving growth. Europe has not seen much development in last 2 quarters; However Europe’s largest economy has performed very well in the same period. Coming back to Indian stock market we see market is likely to form a bottom before the interim budget is announced for FY12. So for short term markets may start Bull Run and target 4900 level in this month. So to be with this trend traders may buy nifty 4600 call options near 95 or buy nifty future near 4640 level for targets as 4900 and target for put option to be at 310 and then 340 levels, just 3 times the investment. This is low risk nifty options trade so place stop loss at 60 for nifty options and for nifty future stop loss level is 4550 level.