July 30, 2009, Nifty

Nifty made hammer candle. This indicates clear indecision in the market. However it was a break out on the down side. We will take a risky short position with a strict stop loss.
Trading Strategy: If you did not go short on Wednesday, go short with a stop loss at 4600
Supports: 4380, 3919
Resistances: 4600, 4650, 4680