May 7, 2010, Nifty

Nifty made a lower high and a lower low. It the second successive hammer candle so we could see a rebound from here. the support at 5029 still held. It looks like we could see a rebound from here. 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