An extremely volatile session today after trading consistently above 6080 in the morning session, but Nifty could not cross 6125 spot levels convincingly and later tanked to the lows of the day @ 6008 breaking the 6060 level once again. VWAP @ close is 6100 and Nifty closes near the lows of the day @ 6027. For intra day it was a good day both for longs and shorts by following the trading levels.
1)Short term trend is down with a close below 6060 and the first target will be below yesterday's low of 5985 or the 34-DEMA level of 5948.
2) Views otherwise remain unchanged, with intra day longs now only above 6060 levels and crossing 6135 levels decisively on spot prices or be short intra day for the above mentioned targets with a strict stop loss of 6055 (3-day SMA closing price) of spot prices.
3) Only a gap up opening above 6075 levels will help Nifty gather momentum or else trend is looking down for this week until Nifty takes U-turn after testing the 34-DEMA level. Happy trading!
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