Another range bound day with positive bias and trading above 5400 on spot levels for most of afternoon session but failing to conclusively cross 5-EMA level of 5417. However, Nifty closes just below 5-EMA level after a small rally towards end of the day from 5404 to 5418 levels. VWAP @ close is 5425. Nifty closes @ 5414 just below the 5-EMA level of 5416.
1) Tomorrow, Nifty should sustain above 5425 levels with a close above 5480 for momentum of positive nature.
2) Volumes are too low and hence most of the momentum fizzles out when intra day players book out either side of the 5-EMA with small scalping trades.
3) Below 5400, the targets can be 5330-5280. The global cues are stabilizing now. Happy trading!
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