The opening range breakout on downside below 6088 levels put Nifty into negative territory throughout the day and Nifty fell breaking all important supports and closes in the red below 6000 levels @ 5988. VWAP @ close is 6029.
1) Tomorrow is a holiday and market opens on November 18, 2010. Nifty has broken all important medium term EMAs/SMA and gravitating towards the higher time frame EMAs/SMAs.
2) With increased volatility now, Nifty should trade between 5900-6100 in the immediate short term. Reversal for further upside only with a close above 6135-6185 levels.
3) With only 6 sessions remaining for November series, volatility could take the index further down below to 5770 levels as market is sell on rise mode. Any reversal in this series should be above today's close of 5988 exactly at 55-DEMA level primarily due to short covering rallies. The level of 6085 remains reversal levels for going long with resistances at 6135 and a close above 6185-6225.
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