May 6, 2010, Nifty

Nifty made a lower high and a lower low. It was a hammer candle so we could see a rebound from here. The next major fibonacci support are 5029 and then 4944. 4944 is a strong support as it also has a pivot point. We will wait and watch before taking a new position.
Trading Strategy: Play for resistance/support breaks or bounces.
Supports: 5100, 5029, 4944
Resistances: 5342, 5400