The week ends on a negative note with Nifty breaking 5750 levels and testing 5690 in morning trades and some good intra trades between 5750-5790-5815 levels today. VWAP @ close is 5798. Nifty closes the week @ 5752.
1) Negative bias continues and bearish range for next week is 5750-5550. The market sentiment is very negative and the real estate stocks and banking stocks have taken a much needed beating.
2) A short covering rally could be there between 5650-5800 like today's intra day trade or between 5560-5750. Upside only if Nifty crosses 5900 levels and closes above 5965. In such a scenario, 5845 level on spot price will be the reversal point next week.
3) Overall trend is negative now and market needs to find a suitable bottom and hence this volatility. Whether today's bottom of 5690 holds, only the opening and closing levels of Monday will determine. Happy trading! Happy weekend!
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