Gap down opening and range bound trading opening session for this week. Nifty finds support at 5480 and climbs up above 5500 to test high of 5542 and close at 5532. VWAP @ close is 5508.
1) Nifty will now become bullish once again above 5555 for intra day targets of 5595-5620. Reversal will be below 5530 levels only.
2) Below 5530, Nifty should easily fall to 5450-5400 levels.
3) A close above 5610 on weekly basis will only confirm upside momentum or else Nifty is still in side ways range. The 5-EMA level at close today is 5527. Happy trading!
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