June 9, 2009, Nifty

Over the last couple of weeks Nifty has made a new high of 4637. In the medium term(2 weeks), the uptrend in the Nifty is still intact. For the uptrend to break Nifty must break 4238 on the downside and then 4092.
In the short term Nifty is retracing from its high of 4637. Go short with strict stop losses.
Trading Strategy: Go short with stop loss at 4637
Supports: 4238, 4092
Resistances: 4637, 4723