August 25, 2008

We missed the upmove on Friday. The nifty touch and intraday low of 4248, but then rebounded from there. It seems to have taken support from the 50-day moving average. We are positive on the nifty above 4350. Else we feel this rebound could be short lived.
Asian markets are up and oil is down. We should have a good opening.

Trading Strategy: Long on the nifty if it moves strongly above 4350. Else stay neutral.
Supports: 4275, 4159
Resistances: 4350, 4400-4420