A range bound session with positive and negative bias throughout the day. VWAP @ close is 5395. Nifty closes flat @ 5365.
1) The support of 5365 is very crucial now and with negative global cues, break of this level should bring in more short selling into the system and with it volatility.
2) Level to watch tomorrow is 5415+ on spot prices for upside. Stop loss will be 5385.
3) Below 5365, Nifty could tank to 5280-5230 levels. Today, Nifty has closed @ 5365 levels just at the break down levels. Tomorrow's session could be highly volatile with market makers trying to defend the level of 5365 from the claws of the short sellers. The global cues must be good enough for the market makers to step in and buy into this market. The 5-EMA @ close is 5417 and the 5-SMA is 5429. Happy trading!
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