The down trend continued for Nifty today to close for the sixth consecutive session below 5-EMA to close at 5537. VWAP @ close is 5543.
1) Nifty is very weak with a close below 5555 and should now test lower levels of 5480-5430 and the trading range for tomorrow could be 5580-5430.
2) If Nifty reverses into bullish mode, then reversal will be above 5595 on spot prices for a bullish trading range of 5595-5645-5690.
3) The 5-EMA at close today has fallen to 5646. Some short covering rally can be expected above 5595 tomorrow. Happy trading!
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