Nifty opened below 5960 and it was straight away shorting opportunity for today's trading session and touched a low of 5879. VWAP @ close is 5930. Nifty closes @ 5904 below all the short-term DEMA levels.
1) For tomorrow if Nifty recovers with gap up opening and sustains above 5940, then 5966 is the trigger level to make a long entry and go ahead from there for targets of 5995-6020 intra day. Stop loss for going long is 5940. The Bank Nifty has corrected quite a bit and needs to recover for Nifty to sustain above 5966 levels.
2) Failure to cross 5966 and remaining below this level becomes a shorting opportunity on rise to 5950 levels with strict stop loss of 5986.
3) Break of today's low of 5879 should take Nifty to 5835-5790 levels. Overall scenario is bearish now and the level of 5860 (89-DEMA) needs to be held in the remaining two days of the week and close above 5966 on Friday. Nifty could also take U-turn from the level of 5860 and this level needs to be watched on the downside. Happy trading!
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