April 16, 2010, Nifty

Nifty just broke below its 20-Day EMA. we hit our stop loss and closed our position. If Nifty is able to bounce back from here, the up move can restart, else we could see some downside. We will wait to see if this happens and if not, go short.
Trading Strategy: If Nifty opens and holds above 5268, the stay neutral, else go short.
Supports: 5268, 5101
Resistances: 5400