October 16, 2008, Nifty

Yesterday Nifty went below its 5-SMA. Asia is down and US was hammered overnight. We should open gap down. Nifty needs to close above 3300 or we could be in for a prolonged down move.

Trading strategy: Play for supports/resistances breaks or bounces
Supports: 3300, 3198
Resistances:3407, 3500