Nifty recovers today to touch high of 5517 on spot prices and closes at 5486 above the 5-EMA level. VWAP @ close is 5482. Nifty closes at 5486.
1) For Monday, the bullish range is 5520-5560-5590.
2) Reversal will be below 5475, for downside target of 5420-5380-5350.
3) The level of 5467 is the 5-EMA level and this level is the trigger for short selling.
4) The second chart shows the 52 weeks of Nifty journey from 4785-6338-5486 levels and the three important trend line support figures are 5350-5177-4785. Nifty should trade range bound for a few more weeks between 5300-5600 in search of positive triggers for going up further above 5600. The fall will get accentuated only below 5300 levels. Happy weekend! Happy trading!
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