Nifty January series expiry is at the lowest point of the month after the fall from 5802 levels on Tuesday and the downtrend continues. Nifty breaks below the 200-DEMA level of 5650 and closes @ 5604. VWAP at close is 5660.
1) In February series, the range of 5725-5825-5965 will be bullish zone.
2) The bearish range will be 5690-5600-5555-5465.
3) The closing of the next two sessions is crucial and only a close above 5725 can longs be initiated if support at 5650 is confirmed on closing basis over the next two sessions. Fresh short positions have clearly entered in the market at the break of 5700 levels. The next two sessions are crucial and avoiding long positions below 5725 is safe way to trade the February series. Next levels of support 5550-5500-5465. Happy trading!
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