Nifty opens in green and fails to sustain above the important level of 6018 in the afternoon and finds support at 5990 level. VWAP @ close is 6033. Nifty closes flat @ 5998 near today's low and just above the 5-SMA level of 5995. The 5-DEMA level is 5987.
1) Nifty needs to trade above 55-Day SMA levels of 6030 tomorrow for this momentum to continue for targets of 6085-6120 and the level of 6018 is a low-risk entry point for going long intra day. Tomorrow Nifty could take U-turn from 5965 levels once again with gap down opening.
2) Nifty is trading above all EMAs/SMAs except 55-Day SMA which is 6030. Below 5965 Nifty will be bearish.
3) With volatility getting stabilized, there is not much scope to short without a close below 5965 now. The level of 6007 will be strict stop loss/reversal level intra day for going long and initiating trade above 6018 only will be beneficial for intra day trading to catch the upside. Happy trading!
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