Trading in negative zone throughout the day and the downward momentum of Friday continued throughout the day and Nifty closes below 5500 once again. VWAP @ close is 5505.
1) The weekly chart does suggest that Nifty is headed towards 5340 trading below 5555.
2) Global cues assume significance in light of the fact that there are no domestic events that can influence the market after the assembly election results and the results have turned out be balanced one for the market.
3) The 5-EMA has now fallen to 5525 and this level will be intra day reversal level tomorrow once again. Happy trading!
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