May 10, 2010, Nifty

Nifty made a lower high and a lower low. The support at 5029 did not hold. The next support is at 4944. It is a strong support and we expect it to hold. We will wait and watch before taking a new position.
Trading Strategy: Play for resistance/support breaks or bounces.
Supports: 4944, 4833
Resistances: 5342, 5400