Nifty recovers from low of 5711 to cross above opening high of 5815 and closes @ 5863. VWAP @ close is 5795.
1) The level of 5700 has provided support as of now and Nifty has managed to close above 5860 in today's session. The level to watch tomorrow is the 5-DEMA level of 5872 and 5-SMA level of 5866. Trading above these levels with strict stop loss of 5830, Nifty can go past 5890-5935-5965.
2) After 7 sessions of downward movement, Nifty will now attempt retracement towards 5965-6020-6180 levels.
3) The chart shows the bullish scenario as well as bearish scenario. As long as 5750 is held, longs hold the advantage. Some consolidation around 5890-5965 levels can be expected. Happy trading!
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