After 4 sessions of testing lows between 5402-5420, Nifty today took off to cross 5500-5520-5530 towards EOD after spending considerable time in the afternoon session above 5-DEMA level. VWAP @ close is 5506. Nifty closes at 5527. The 5-DEMA level @ EOD today is 5506.
1) Sustaining above 5500 levels tomorrow, sets Nifty up for a target of 5565-5620-5700 over the next two to three trading sessions.. Strict stop loss or reversal level will be 5490. Nifty has closed above 5-DEMA/5-DSMA today.
2) Below 5495, Nifty will once again become bearish for targets of 5400-5300.
3) The week's range has been between 5402-5539 levels, and with today's close above 5525, it is most likely to break out on the higher side above 5565-5600 level tomorrow once hurdle of 5565 is crossed decisively with volumes. Happy trading!
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