Wednesday, October 22, 2008

October 22, 2008, Nifty

The Nifty moved above its 5-SMA yesterday. However this is not a reliable indicator in times of high volatility. Asia is down, so Nifty should open gap down. If the Nifty is able to close above 3175, we could see the rally continue.
Trading strategy: Play for supports/resistances breaks or bounces
Supports: 3175, 3046
Resistances: 3248-54, 3342
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