Nifty trades in negative zone in the morning session, takes off from the 200-DEMA level of 5648 to touch a high of 5729 and closes above 5-SMA level @ 5711. VWAP @ close is 5684.
1) Tomorrow if this momentum continues, it could be a trend changing day and longs can be initiated above 5715 (5-DEMA level at today's close) with strict stop loss of 5670 for target 5750-5775-5800.
2) A gap up opening above 5735 with support at 5700 throughout the day is another scenario for the targets mentioned.
3) Gap down opening below 5680 will be bearish and the support of 5648 might not be held like today and downside target will be 5610-5575. Tomorrow being the weekend closing, a short covering rally above 5735 can make it a bullish day if level of 5700 is held. Happy trading!
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