Gap up opening and Nifty takes off from the low of 6023 to touch a high of 6069 and later significant resistance around 6050 levels drags it down to fill the gap up of Friday's close. VWAP @ close is 6048. Nifty closes flat @ 5992 and is consolidating around the levels of the 34-DEMA. The 5-DEMA level is 5964 now, which is an important level. Resistance around 6050 levels needs to be crossed now.
1) For tomorrow, gap up opening and remaining above 6018 levels would be a repeat of today's session and longs above 6025 for targets of 6085-6120. Strict stop loss/reversal below 6013 levels.
2) Gap down opening could break the support of 5960 and Nifty could test 5935-5900 levels. The level of 6013 will be reversal point for shorting if gap down opening happens.
3) Levels to watch tomorrow is the support at 5966 and the resistance at 6085 levels. Nifty needs to close above 6085-6135 levels to maintain upward momentum. Happy trading!
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