September 8,2008 - Nifty

Nifty fell as we predicted on Friday, however most of the move was in the opening so there was not much trading opportunity. Nifty did not break a support at 4319. Asian markets are up, but oil is down. We could open a gap up. If we hold above 4413 then take a long position. A close above 4413 would also mean that the 5-day SMA will go above the 20-day SMA. This is a strong buy signal.
Trading Strategy: Close open shorts, Take a long position if nifty holds above 4413.
Supports:4300-4306, 4267
Resistances: 4400-4413, 4447