Nifty trades range bound today and holds yesterday's low of 5400 but fails to go above 5445 during the day after the gap up opening. VWAP @ close is 5423. Nifty closes at 5428.
1) The negative bias continues with the weakness in banking stocks following SBI results and index would remain range bound if 5400 support is held. Reversal intra day tomorrow will be above 5445 levels only for target of 5495-5525.
2) Below 5425 spot prices, Nifty could fall to 5380-5350 levels.
3) The 5-EMA level at close today is 5457 and Nifty trading above 5445 with crossover of 5457 towards 5500 levels is a probable trade tomorrow mainly due to short covering rally. Happy trading!
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