Nifty had a negative trading session below 5-EMA level of 5847 and took U-turn from 5791 levels to close above the 5-EMA level @ 5868. VWAP @ close is 5840.
1) Views remain same as yesterday for intra day, long above 5896 on spot prices for target of 5945-6000.
2) Today Nifty has traded below the 5-EMA level of 5847, to take support at 5791 and make U-turn towards 5895 but fails to cross 5896 levels to signify reversal. Now the 5-EMA level at close today is 5854 and this level will be the break down point for Nifty tomorrow if Nifty fails to sustain above 5896 levels for higher targets.
3) With just two more sessions before expiry of April series, a range of 5750-5950 can be expected with high volatility like today. Happy trading!
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