September 22, 2008, Nifty

The downtrend that started on 8 September was broken with Friday's move. Nifty has broken its 5-SMA and is close to 20, 50 SMA. If these are also broken we could see a strong rally for the Nifty.
Asia is up, but so is oil. We could open up a little and then pull back later.
Trading Strategy: Play for resistances/supports break outs and bounces. If 4300 is taken out then go long.
Supports: 4214, 4123
Resistances: 4289-4305, 4398