A day of trend change with Nifty opening with gap up and once it traded above the 200-DEMA level of 5583, higher buying volumes of heavy weight banking stocks along with Infy made the index rise and close near the highs of the day. VWAP at close is 5629. Nifty closes @ 5654.25.
1) Nifty has closed above all long term EMAs and is bullish for the immediate short term with the market gearing up for the expected yearly results of companies. It is buy on dips now.
2) For intra day 5580 level will be the reversal level now. As long as Nifty trades above the longer term EMA, there will be buying. Some consolidation can be expected in the first two days of the next week and the expiry of the Nifty for March series should be above 5650-5750 levels.
3) The 5-EMA level has risen to 5528 at close today. Happy weekend! Happy trading!
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