August 14 2008

Yesterday nifty close was just above our support of 4533. The final adjusted close was 4529. The Nifty went below its 5-day moving average. This reinforces our negative view. Asian markets a slightly down this morning but oil is close to 117 so we may have a gap down opening.

Trading Strategy: Continue to stay short. Consider booking profits at the end of the day as we are going into a long weekend.
Resistances: 4557-4559, 4649
Support: 4461-4464, 4390-4400