Nifty trades above 5800 in the morning session and touches high of 5872 before crashing to test support level of 5775 and recovering in the last hour of trade to close above another important level of 5825. VWAP @ close is 5862 and Nifty closes at 5834.
1) Nifty is still bullish after 7 straight days of gains and the next target on upside is 5925-5965. Reversal level will be 5825 tomorrow.
2) Below 5825, levels to be watched for support are 5770-5735-5680.
3) The 5-EMA has risen to 5734 at close today. Amongst index stocks, Reliance is looking bullish with a close above 1050. The index is obviously getting geared for the yearly results and price is following the expectations. Another stock to watch this month is Reliance Capital for target of 650+ along with telecom stocks Bharti and RCom. Happy trading!
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