Nifty trades above 5465 level throughout the day and remains above 5500 amidst reports of some more time being taken by the two ruling party allies to part ways. VWAP at close is 5521. Nifty closes above the 5-EMA/SMA level today @5521.
1) Level to watch tomorrow will be 5490 and above. Nifty trading above 5490 could likely take index to 5560-5600 levels. A gap up opening above 5550 is likely tomorrow.
2) Below 5490, Nifty can slide back to 5420-5370 levels due to the high volatility seen in the market now due to negative news flow.
3) The 5-DEMA at close today is 5490. Happy trading!
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