As expected a gap up opening and Nifty failed to breakout on either side of the first hour's trading range of 6029-5980 and mostly revolved around the 5995 level which is the 34-DEMA level. VWAP @ close is 6015. Nifty closes @ 6012.
1) It was a hotly contested trading session today between levels of 5990-6018 today. The fact that Nifty closed above all short term EMAs makes it look bullish. However, not able to break past 6018-6030 level where huge resistance is seen. A drop to 5960 is very much likely tomorrow. For tomorrow the level of 5985 will be the break down point. Bullish range for tomorrow will be 6000-6039-6085-6105.
2) Break of 5990-5985 levels will take Nifty down to test 5960 levels and failure to hold 5960 levels could cause Nifty to slide back to the 5900-5880 levels. Levels to watch out tomorrow 6018 and 5885. Happy trading!
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