A day of consolidation with a limited trading range between 5460-5505 levels today. VWAP @ close is 5484. Nifty closes flat @ 5482 and intra day opportunities were limited to scalping trades between 5475-5500 only today.
1) For intra day tomorrow, Nifty needs to trade above 5500 consistently for target of 5555-5585 with strict stop loss of 5475. This scenario is possible only with a gap up opening around 5510-5520 levels.
2) Below 5480, Nifty can fall to 5430-5390. The 5-DEMA level at EOD today has risen to 5427.
3) The weekend close this Friday above 5560-5600 will be good for further upside. Any close below 5465 will be bearish. The last three days closing levels have been above 5450 which is encouraging, but then cannot remain at these levels for too long, needs to go higher (above 5555) or lower (5390). The level of 5465 is holding as of now. Happy trading!
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