Ocotber 31, 2008, Nifty

Nifty closed just above it 5-SMA on Wednesday. While this is a positive sign, Wednesday was also F&O expiry, so we will wait for today's price action before concluding. Asia is down this morning but we expect the Nifty will open gap up. If Nifty is able to hold above 2622 we could see the rally continue. If the Nifty falls we will be looking to see if new lows are made, or if the bottom is finally in place.
Trading strategy: Play for supports/resistances breaks or bounces
Supports:2622, 2488-2500
Resistances: 2753-2779, 2871