Nifty traded within yesterday's levels with negative bias but holding the crucial support of 5555. VWAP @ close is 5591. Nifty closes at 5581.
1) The bias remains sideways till the conclusive close above 5665 on weekly basis does not happen.
2) Below 5555, the monthly and weekly strong support zone, Nifty will be weak to fall towards 5450-5420.
3) A review of the mostly weighted individual stock in the index points out clearly that RIL, is trading closer to its 52-week lows and without this stock gaining momentum above 945 levels, Nifty will remain range bound. The earnings result of QE-1 of RIL will have a bearing on the index changing its direction above or below 5555 levels. Happy weekend! Happy trading :)
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