Nifty opens gap down tests low of 5416 and rallies up to 5526 with short covering and good support at 5465 levels intra day after 1 pm. VWAP @ close is 5487. Nifty closes at 5506.
1) Nifty long position tomorrow only above 5530 for targets of 5565-5615 with strict stop loss of 5495 on spot prices.
2) Below 5460 levels, Nifty can fall to 5400-5385-5345.
3) Consolidation around 5465-5480 levels is taking place and a few more sessions this week will confirm this support level. Overall scenario is still bearish below 5650 level. Happy trading!
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