Nifty closes the week just above the 5-EMA at 5544 after finding support around 5470 levels and going past intra day reversal point of 5525. VWAP @ close is 5563.
1) Nifty made high of 5605 and intra day profit booking on weekend might have led to the last hour fall towards the 5-EMA level. The 5-EMA level at close today is 5538. The bullish range for Monday is 5580-5630 levels.
2) If the Friday's last hour falling momentum continues unabated, then below 5525, the fall of Nifty could be fast towards 5450-5400.
3) Nifty must sustain above 5580 levels for initiating intra day longs on the first day of the penultimate week before May series expiry. 5600 CE and 5500 PE will come into play intra day depending on the direction of the market on Monday. With the closing above 5-EMA, the bias is interpreted as up above 5580 only. Happy weekend! Happy trading!
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