Nifty consolidates around 5966 in the morning and took off to surpass the Friday high of 6013 today. VWAP @ close is 5967 indicating the importance of this level for this week. Nifty closes @ 6010.
1) The bullish range for tomorrow will be 5995-6085-6135. Nifty closing above 6135 is the first criteria for safe long positions. Today's move is largely interpreted by me as short covering and roll overs of positions to December series happening. Any move above 6135 will be a big one later this week.
2) Any break below 5966 will take Nifty to much below 5865 to 5770.
3) Expect a highly volatile week with 5966 as reversal point. The chart depicts the Fib retracement level of 6045 as very important level to cross and a weekly close above 6135 now. Happy trading!
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