Nifty opens in the green, falls below the 5DEMA level to low of 5795 and recovers intra day to cross the opening high of 5887 to 5913 levels. VWAP @ close is 5870. Nifty closes @ 5907 near the day's high and is in buy mode now.
1) For tomorrow, Nifty needs to sustain above 5885-5900 level throughout the day and close above 5965-6050 levels if positive momentum continues whole of tomorrow. Longs strictly above 5880-5910 levels only. Strict stop loss will be 5860 for going long tomorrow.
2) Break of 5860 will again make Nifty look bearish and it may not recover like today from 5800 levels. No two trading days will be the same ever. In the event Nifty breaks 5860-5840 levels, then Nifty could fall below today's low and test 5720-5690 levels.
3) The volatility is high and swings either side of 5860 levels like today can be expected on downside too tomorrow. The chart depicts the swings of today's trade from the level of 5860. Trade safely and happy trading!
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