Nifty recovers from the low of 5178 mainly due to short covering rally and gains strength above 5240 levels to test the 5-DEMA/5-DSMA level of 5309/5292 and closes above the 5-DEMA level. VWAP @ close is 5244 which is same as that of yesterday.
1) Now, sustaining above 5-DEMA/5-DSMA levels on closing basis is important and crossing 5360-5375 on closing basis makes Nifty short term bullish. Levels for Monday is 5275-5325-5375-5400.
2) Below 5275. the crash will be fast and furious to below 5150 levels. The IIP numbers were not encouraging but in spite of this, short covering rally took Nifty up on this weekend after nearly 5-7 sessions of downtrend. Sustaining and closing above 5375-5400 in the next session is important now for further upside.
3) The intra day chart shows the V-shaped recovery of Nifty from 5180 levels today. Happy weekend! Happy trading!
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