Nifty continued its downward journey whole of morning session to below 34-DEMA levels and touched a new low of 5937 this week. Nifty futures took support at 5966 and rallied thereafter. VWAP @ close is 6017 much below yesterday's November series closing VWAP of 6074. Nifty closes @ 6017 in the green. The rally after 2:30 p.m. can be interpreted as short covering of short positions built yesterday.
1) If this late Friday afternoon rally continues on Monday, then long only above today's high of 6032 on Monday for target of 6060-6100 on spot levels. A close above 6150 is very much important for further upsides.
2) The chart gives interpretation of this week's scenario and Nifty is clearly gravitating towards the long-term EMAs until and unless it does not close above 6150 levels on Monday/Tuesday and veers away from the 34-DEMA levels by a close at least 100 points above it to start with. The volatility is good and gives good trades just by following levels and booking profits intermittently. Happy weekend! Happy trading!
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