A flat opening to the week but Nifty gains momentum to test a high of 5709 and closes at the 200-SMA level of 5687. VWAP @ close is 5697.
1) Nifty is trading above all EMAs and now needs to close above the 200-SMA level of 5685 for a few days for this upward momentum to continue. The level to watch will be 5680 and above only with a close above 5750 levels.
2) Below 5680, not much downside can be expected and corrections should be up to 5580 levels.
3) The 5-EMA at EOD today is 5581. Happy trading!
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