After opening in the red and registering a new low of 5721 in the first 15 minutes of trade, the ORB breakout above 5765 was a good trade for longs intra day. Overcoming resistance around 5820 levels, Nifty went up further to touch a high of 5865. VWAP @ close is 5836. Nifty closes the week @ 5857.
1) Today's rally is primarily a short covering rally and technical levels need to be crossed for confirmation. For Monday, the bullish levels will be 5880-5965-6000 if fresh buying creeps in with volumes. A close above 5965 is minimum requirement for some bullish sentiments to return to the market. Strict stop loss for going long is 5820.
2) Break below 5820, means Nifty is heading towards 5630-5500-5400 levels.
3) The market sentiment is extremely cautious which is reflected by the increase in the annualized volatility and there could be wild swings either side of 5860/5820 levels. Trade safely. Happy weekend! Happy trading!
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