A quiet start to the week after the long weekend and Nifty climbed steadily from the ORB break out above 5930 to consolidate around 5965 level and touched a high of 5985. After 3 pm Nifty cracked below 5965 levels and traded below it around 5945 levels. VWAP @ close is 5955. Nifty closes flat @ 5947.
1) Nifty will be strong only above 5965 levels for targets of 6060-6085. Being long above 5990 for these targets is safe for longs. Strict stop loss of 5965. The level of 5965 extremely crucial now.
2) Short below 5940 for target of 5850-5800 is a possible scenario tomorrow if Nifty trades below 5965 in the morning session without volumes. The next four sessions should see a good break out above 6085 or fall to 5640 below 5965.
3) The intra day chart depicts today's action which was volatile below 5965 towards the close and mostly revolved above 5950 levels today. Happy trading!
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