A day of consolidation at 5500+ levels today and with marginal increase in volumes today, trading remained range bound between 5500-5528 levels. VWAP @ close is 5532. Nifty closes at 5522.
1) Gap up opening and sustaining above 5520 should take Nifty above 5565 levels where some resistance could be seen on the weekend tomorrow being the penultimate week to expiry. If the longs are strong and add more volumes, then a good rally can take beyond 5600 levels.
2) Gap down opening will offer buying opportunity only if level of 5500 is not broken.
3) The bias is up. The 5-EMA level is now risen to 5465 and going short should be only below 5465. Happy trading!
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