Nifty closes at the lower end of the trading range for the series of April. VWAP @ close is 5808. Nifty closes at 5785.
1) Nifty closed below 5-EMA yesterday and was slightly bearish ahead of expiry day of April series. Today's close is second consecutive day of closing below the 5-EMA level. The 5-EMA level has now fallen to 5825 @ EOD today and this level will be reversal level if Nifty regains momentum intra day above this level tomorrow.
2) Otherwise, Nifty is weak and should now test 5750-5700 levels if downward momentum continues.
3) The probable level at which Nifty could take U-turn is above 5720 if market supports this level and changes direction. Happy trading!
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