August 05, 2010, Nifty

The market opened up, but seems to be losing its gains now.
Nifty made a higher high and a higher low on Wednesday. Nifty broke the previous high of 5478. This is a positive signal. We will wait for a pull back to go long.
Trading Strategy: Play for resistance/support breaks or bounces.
Supports: 5345-55
Resistances: 5478