December 16, 2008, Nifty

Asian markets are a touch down. Nifty could open a bit down. For the last two days, the mid-cap indices have outperformed the Nifty. This is a negative indication. We look to see if Nifty can continue this rally or if the rally will fizzle out today.

Trading strategy: If Nifty closes below 2917, go short.
Supports: 2938, 2917
Resistances: 3148, 3240