Gap down opening and Nifty never sustained above the opening levels and was below the day's pivot throughout the day and broke down below 5937 levels once again to touch a low of 5824 and the negative bias continues. Nifty recovered primarily by short covering with high volumes. VWAP @ close is 5915. Nifty closes at 5935.
1) The market is in a limbo with the different scams on the domestic front and today the global cues are negative, thus leading to high volatility. Coming to levels of Nifty, 5966 again is the intra day level for upsides of 5990-6045-6125. With the kind of volatility these levels could be reached intra day itself. This scenario only with a gap up opening and remaining above 5966 levels throughout the day.
2) This week's bias is negative and first downside target will be today's low of 5824 and 5790-5700. The bounce back from today's low does not change the negative bias for the November series, and the November Nifty series could close around 5950-6050 levels after swinging back and forth for the remaining two days. Happy trading!
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