Nifty tanked below 6285 levels quite easily and has filled up the gap up openings of the past week. VWAP @ close is 6264. Nifty closes at 6194 after touching a low of 6179.
1) Further downside may take Nifty again to 6135 levels as it has broken the 13-DEMA level of 6193 too. Break of 21-DEMA/21-SMA level of 6149/6132 should take it to 6090 levels. It is short on rise now with downside target of 6135-6090 tomorrow. Reversal of this fall only if Nifty closes above 6265-6285 levels after taking support around the 21-DEMA/21-SMA level.
2) Now Nifty has clearly breached the 5-SMA/5EMA levels today and will need to find stability around the 21-DEMA level of 6149 or 21-SMA of 6132.
3) Levels to look for tomorrow 6135 on downside and a short covering rally thereafter or a gap up opening and Nifty taking U-turn from 6260 levels. Happy trading!
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