August 28,2008

Nifty swung a little in the opening trades yesterday, but then fell sharply once it broke the support at 4320. At first sight it looks like we have a break out on the down side. However we have a strong support zone from 4248-65. Nifty could rebound from there. If it does not then one can continue to stay short. Asian markets are mixed, oil is up. We could open down a little.
*Trading Strategy: Continue to stay short with stop loss at resistances.
Supports: 4248-65, 4159
Resistances: 4325, 4400


*Today is expiry day. Be careful!