October 27, 2009, Nifty

Nifty made a lower low, and a a lower high. It was the second successive hammer candle. We now expect a sharp move in the Nifty. It could be a bounce back from this level, so keep stop losses strict.
Trading Strategy: Stay short, move stop loss to 5034.
Supports: 4921-4935, 4783, 4580,
Resistances: 5077, 5182, 5299