A gap up opening and range bound with limited downside and a bullish undertone to the proceedings today. VWAP @ 5518 and now futures prices is running at a premium of 15 points roughly to spot prices. Nifty closes at 5500.50.
1) The 5-EMA level of 5504 was area of resistance today and Nifty has just closed below that level but did not break the crucial 5480 support on spot prices. Now for tomorrow 5522+ is level to go long. Nifty must trade above 5517 consistently and this level will be the reversal level now. Targets will be 5565-5600.
2) Bearish views remain same, below 5480, lower levels will be the immediate support at 5445 and 5400.
3) The 5-EMA level at EOD today is 5503 and the 5-SMA level also converges at this same level today at EOD. Happy trading!
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