October 23, 2008, Nifty

The Nifty fell sharply yesterday, killing the possibility of a rally. Asia is down, so Nifty should open gap down. The Nifty continues to be oversold, however there seems to be no rally coming. This is just strengthening the rally when it does occur. A smart recovery from today's lows might indicate the rally could happen.
Trading strategy: Play for supports/resistances breaks or bounces
Supports: 3046, 2800
Resistances: 3248-54, 3342