VWAP is 5959.91 and volatility is 0.95. This week opens with a smart breakout above 5932 levels and sustained buying helped Nifty cross 5968 and finally ended up at 5980 on spot and futures closed @ 6004. The big boy of the index Reliance has gained smartly now and Nifty certainly looks bullish for higher targets.
1) Upside breakout will be above 6015 levels for tomorrow. A gap up opening once again could easily make Nifty test 6050 levels tomorrow itself. Stop loss has to be deep with increased volatility and 5932 seems to be the logical point to put a stop loss.
2) A gap down opening means long once again above 5970 only with 5932 as stop loss with targets of 6000 and 6035.
3) September series of 2010 certainly is a series to remember for the bulls after a long time. Happy trading!
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