A lack lustre trading session following muted earning numbers of RIL on Thursday after market hours and Nifty opened gap down and failed to surpass the Thursday high of 5913 but remained flattish trading around 5880 levels the whole day. VWAP @ close is 5900 and Nifty closes at 5874 and very close to breaching the 5-EMA level tomorrow if fails to trade above 5870 levels tomorrow.
1) The 5-EMA level @ EOD today is 5847 and Nifty needs to trade gap up or flat above today's close for momentum to continue for target of 5945-6000.
2) Below 5850 levels, Nifty can fall to 5790-5730 levels.
3) This is expiry week and any close above 5950 in April series will be bullish and expiry of April of series below 5850 will be bearish for the May series. Happy trading!
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