Nifty takes U turn from 5365 spot levels in a range bound session to close flattish at 5395. VWAP @ close is 5393.
1) Two more sessions to go for May series expiry and volatility will test both sides of the week's high and low, i.e. 5455 and 5365. Nifty could surprise with a move towards 5450-5500 and reversal level for tomorrow will be 5405. This could happen with a gap up opening and sustaining above 5405.
2) Break of 5365 on spot levels, should take Nifty to 5300.
3) Nifty is trading below 5-EMA and technically weak, but short covering could change the picture of May expiry and Nifty could reverse when least expected. Happy trading!
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