November 04, 2009, Nifty

We were early in booking profits on the Nifty. If the Nifty can bounce from current levels it will imply a 76% retracement of the up move from 4353 to 5182. However if Nifty opens down tomorrow, this will mean that Nifty is retracing the upmove from 3919 to 5182, in which case the next support is at 4400.
Trading Strategy: If Nifty opens up and holds go long with a stop loss at 4530. If Nifty opens down, go short with a stop loss at 4854.
Supports: 4530, 4400,
Resistances: 4854, 5077, 5182