October 28, 2008, Nifty

Due to various reasons, we could not post yesterday. Regrets for the inconvenience caused.
Yesterday Nifty rallied strongly form a low. This indicates that the panic in the market is near an end. The market is clearly oversold, and trend reversal signs can be seen. On analyzing the Elliot waves, 2200 is a strong support. If Nifty is able to hold above this we could see the bottom of the bear market. Muhurat trading should be positive today.
Trading strategy: Play for supports/resistances breaks or bounces
Supports:2252, 2200
Resistances: 2635, 2753-2779