Nifty trades range bound for most part of morning session and takes off above the 5-EMA level of 5482 to make a high of 5537 on spot prices. VWAP @ close is 5511. Nifty closes at 5531.
1) Nifty has closed above 5-EMA on the opening day of this week and technically looks good for a good up move though global cues were weak. This up move could be due to short covering. Level to watch tomorrow is Nifty remaining above 5525 levels for a move towards 5565-5600.
2) Below 5525 (The 5-day High EMA level), Nifty if breaches 5-DEMA level of 5500 can fall fast to 5400 levels.
3) The 5-DEMA level at close is 5500. Happy trading!
No comments:
Post a Comment