Gap down opening and Nifty was in negative territory throughout the day and revolved around the 5-DEMA level of 5907. VWAP @ close is 5910. Nifty closes at 5892.
1) For tomorrow, 5907 again will be an important level for intra day trading. Above 5907 Nifty could test 5935-5965-5995. Strict stop loss/reversal level will be 5860.
2) Break of today's low will make Nifty bearish once again and will likely fall to 5800-5750-5700 levels.
3) Tomorrow is the last trading session of the week with Friday being a holiday. Expect Nifty to swing from the levels of 5907 on upside and break below 5860 on downside. Currently @ EOD, the bias is negative, but market can go any way.
4) Market is certainly waiting for RBI policy decision and the banking stocks will move accordingly. With the oil price hike, inflation will be a concern and higher inflation concern is negative news. The effect of various scams is keeping the market in negative mode since last two weeks. The good news has to trickle from the QE-3 earnings of companies during the month end. December series will lose steam if it fails to cross 5965 levels on closing basis and without volumes market will remain in a sideways and volatile range. Happy trading!
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