Nifty recovers after gap down opening with low of 5735 on the back of short covering rally to retrace the entire fall from 5910 levels. VWAP @ close is 5867. Nifty closes near the highs of the day at 5911.
1) Nifty recovery was dramatic above 5760 levels and later sustained above the 5-EMA level to close near the highs. Now long position for intra day only above 5910 with reversal level at 5880 on spot prices for targets of 5965-6025.
2) Below 5880, Nifty should test 5850-5825. The 5-EMA at EOD today is 5861 and having closed above 5-EMA the bullish scenario should persist intra day on Friday when the market opens after the holiday tomorrow. Happy trading!
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