Another session of consolidation around 5990 level with ORB break out giving good intra day scalping trades throughout the day as Nifty swung in a narrow range of 5980-6007 till close. VWAP @ close is 6005. Nifty closes @ 6000.
1) Consolidation around 6018 level of spot value is the next step which should happen tomorrow if there is a gap up opening and bullish range for tomorrow will be 6000-6020-6050-6085-6120. The level of 5965 will remain as strict stop loss for going long and break of 5980 will be the first sign of intra day weakness.
2) A gap down opening, short can be initiated only if Nifty trades below 5965 for the first two hours or else 5965 will work as an entry point for going long tomorrow.
3) The chart shows intra day action of today and the important levels. One more day of consolidation and the chances of Nifty closing this week above 6135 looks bright subject to consolidation around 6018 levels with no major dip below 5990 level tomorrow.
4) The recovery of bank nifty today was the key to consolidation of Nifty above 5965 levels. Nifty is bullish above 5965 level and volatility seems to be under control now and overnight position with 5900PE for longs could be an effective hedge in the December series. Happy trading!
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