December 17, 2008, Nifty

A strong performance by the Nifty means that the rally continues. Asia is up this morning. We look to see if Nifty can continue this rally or if the rally will fizzle out today. If the Nifty can break out above 3148 in this rally it will a strong positive for the medium term (weeks)

Trading strategy: If Nifty closes below 2917, go short.
Supports: 2966, 2917
Resistances: 3148, 3240