October 13, 2008, Nifty

Asia is up. Nifty should open gap up. There were reversal signals on Tuesday and Wednesday last week however Nifty continued to fall. Nifty is clearly oversold and is ready for a bounce. For a sustained up move Nifty has to break 3500.
Trading strategy: Go long with strict stop losses at supports.
Supports: 3248, 3198
Resistances:3486-3500, 3693-3700