September 10, 2008, Nifty

Nifty was marginally down yesterday. We see strength in the fact that there was no major pullback after such a smart rally on Monday. Yesterday's candle was fully engulfed by Monday's candle. This indicates the end of a trend. We expect a break out on the positive or negative side soon. We see a greater chance of a break out on the positive side, however wait for confirmation before trading.
Oil is down and so is Asia. We will probably open slightly down.
Trading:Based on yesterday's trading advice you might be long today. Wait to see if supports are broken, before booking the loss.
Supports: 4438, 4391
Resistances: 4522-4539, 4649