Nifty takes support at 5888 levels and remains largely range bound throughout the day touching a high of 5954. VWAP @ close is 5942. Nifty closes @ 5944.
1) Gap up opening means bullish range tomorrow will be 5965-5985-6050-6085. A close above 6050 ensures that Nifty closes above all short-term and medium term EMA/SMA levels and will be in buy mode.
2) Gap down opening means negative sentiment prevails still and then break of the level of 5907 will be pull back to 5880-5850-5820 levels. The level of 5907 is strict stop loss for going long and intra day reversal below 5907 only.
3) Nifty needs to remain above 5945 levels with this momentum continuing into tomorrow and then go above 5965-6000 levels. The 34-SMA is 6018 and 55-SMA is 6048 and Nifty needs to close above these two levels and come back into the retracement channel above 5965 level. Happy trading!
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