Nifty opens gap up above 5-EMA level and remains throughout morning session to remain above this level to touch a high of 5535 on spot prices. VWAP @ close is 5524. Nifty closes at 5511.
1) Volumes are not encouraging enough for bigger moves and hence Nifty stuck in a range either side of the 5-EMA levels without clear cut direction with weak global cues.
2) Broadly, the bullish range is 5480-5560 levels. Nifty needs to close above 5600 levels for further up side.
3) Below 5465, Nifty is bearish for 5400-5365. The 5-EMA level at close today is now up to 5492. Happy trading!
No comments:
Post a Comment