A range bound trading day and Nifty trades below 5-EMA level throughout the day and clinging onto the 5465-5480 support levels. VWAP @ close is 5492. Nifty closes at 5494. Global cues were negative today.
1) Nifty has closed just below 5-EMA level and will gain strength if it decisively moves past 5520-5530 levels for further upside. A gap up opening above 5520 is the ideal scenario for bullish view to hold.
2) Break of 5465-5455 should trigger a collapse on the week end tomorrow towards 5400-5370 levels.
3) The 5-EMA level at close today is 5500. Happy trading!
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