Nifty finds support @ 5500 after gap up opening and spent most of the day in a flattish range of 5540-5565 and failing to close above 5-EMA level. Nifty closes flat at 5551. VWAP @ close is 5549.
1) The 5-EMA is now 5565 and 5540 will be reversal level for long positions above 5565 for target of 5610-5640.
2) Below 5540, Nifty can gain down side momentum to test 5500-5450 levels.
3) The market is extremely volatile and traders are cautious with out any clear cut bias of this market. Happy trading!
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