Nifty closes above the 5-EMA level today after nearly 10 sessions. VWAP @ close is 5562. Nifty closes at 5565.
1) The 5-EMA at EOD today is 5560 and now Nifty needs to sustain above this weeks high of 5592 levels for target of 5610-5650. Sustaining above 5590 will take Nifty towards these levels. The ultimate target for this up move could be up to 5755 as shown in the chart.
2) Failure to hold the recent low of 5515 should take Nifty down to 5450-5400. A short-term bearish scenario would be Nifty falling towards 5340 levels in the event of recent lows getting breached.
3) Having closed above the 5-EMA, the short term bias is up for targets of 5650-5755 in the next few sessions. Happy trading!
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