Nifty breaks 5700 levels to test 5693 low but later tries hard to remain above 200-SMA level of 5725 and finds support with the support of banking stocks to close above this important technical level. VWAP @ close is 5744. Nifty closes @ 5741.
1) The level of 5768 will be a reversal level for positional shorts in Nifty tomorrow and above this level on spot prices, Nifty can climb above the 5-EMA level of 5786 to touch 5800-5835.
2) Failure to sustain above 5725, Nifty can fall to 5680-5630.
3) The 5-EMA level at close today is 5786. Happy trading!
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