Profit booking around 5565+ levels on weekend leads to the Nifty falling below the crucial support of 5-DEMA level of 5467. VWAP @ close is 5517 indicating the intra day break down was below 5515 level. Nifty closes below the 5-DEMA level @ 5459.
1) Having breached the 5-DEMA level intra day, Nifty direction looks negative for the coming week starting Monday. Reversal for short positions triggered today will now be above 5515 levels.
2) Down side targets will be 5400-5340 if Nifty falls below 5450 levels on Monday.
3) Bullishness will return only above 5520 levels with a gap up opening. Avoiding intra day trade on Monday looks the best option as the close on this weekend is with a neutral bias. Happy weekend! Happy trading!
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