Another day of consolidation around the 6270-6300 levels and Nifty traded in a small range throughout the day. At this juncture with today's close, Nifty looks to go either way now towards 6190 or 6400. VWAP is 6312 @ close. Nifty closes @ 6276.
1) 6285 remains the point around which Nifty is moving this week. Bias is still up with rising EMAs and SMAs on the technical levels. Targets remain same @ 6320-6350-6390-6425 on upside.
2) Downside target will be 6230-6190-6150 on closing basis.
3) The 5 SMA is now 6289 and again above 5-DEMA (6263) indicating the consolidation at these levels over the past three days. A break out on upside or downside of this value of 5-SMA/5-EMA is imminent soon. Happy trading!
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