A highly volatile expiry to the October series with a heavy fall from 6045 levels to touch a low of 5968 breaking the 34-DEMA levels. Mid afternoon on break of 6060 levels it did look that Nifty would zoom up but could not cross above 6071 and tanked after 3 pm in one stroke from 6055 to 5968. VWAP @ close is 6032. Nifty closes @ 5987 levels and looks short-term bearish as the premiums in Nifty futures have dried up and gone into discount. Today's rally upside was mainly driven by short covering up to 6070. November series VWAP @ close is 6074.
1) Reversal point for Nifty remains 6060 levels with a close above 6135 for any strong up move.
2) Downside target below 5966 will be 5868 (55-DEMA) level from where reversal can be expected.
3) It is short on rise strategy for tomorrow with reversals above 6060 of spot value only.
4) Volatility is high and stop losses must be kept very tight.
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