May 11, 2010, Nifty

Nifty bounced back from 4985 and rose sharply. The move is similar to the bear market rallies of 2008. If Nifty is able to move above 5342, then we could see an up trend setting in. 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