August 04, 2010, Nifty

The market opened up, but is now flat.
Nifty made a higher high and a higher low on Tuesday. We will wait and watch before taking a new position. A failure to break the previous high of 5478 would be a negative signal.
Trading Strategy: Play for resistance/support breaks or bounces.
Supports: 5345-55
Resistances: 5478