Nifty closes below the 5-DEMA level today after trading below this level for most part of the day after the gap up opening. VWAP @ close is 5868 and Nifty closes at 5842.
1) After 10 straight sessions of closing above 5-DEMA, Nifty closes below 5-DEMA and the bias turns negative for the short term. However, the 5-DEMA level falls to 5860 today and on Monday this level assumes importance for intra day purpose. Above 5860, 5900-5950 will be the targets for Monday.
2) The result season begins next week and the closing of Nifty @ 5842 is with cautious optimism as market makers get cues from the result of heavy weight Infy to set the tone for the market which could happen on Monday when result season starts and if results of Infy are encouraging.
3) With a close below 5865, and already having touched a low of 5822 today, Nifty if remains negative on Monday could fall to 5790-5765 on Monday. Have a great weekend! Happy trading!
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