May 12, 2010, Nifty

Nifty made a higher high and a higher low, but the move was not convincing. 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