Nifty fails to sustain above the 5-EMA after touching high of 5897 and crashes to close near the lows of the day @ 5729. VWAP @ close is 5813.
1) Nifty has closed below 5-EMA for the second consecutive day now and well below it also. Next target for Nifty on down side is 5680-5650. Reversal for Nifty will be above 5792 now.
2) Now the 200-EMA is around 5620 levels and support at this level will be closely watched.
3) The negative sentiment still persists in the market after Infy results. This will continue till some other index trusted heavy weight like HDFC, RIL, TCS, comes up with better earning numbers in the result season. The 5-EMA level is now 5809. Happy trading!
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