Gap down opening below 5500 levels and the negative sentiments and the subsequent weakness in the index lingers to close the July series of Nifty at 5488. VWAP @ close is 5494.
1) Nifty looks bearish now to test 5450-5395 levels below 5555 on closing basis.
2) Reversal level for tomorrow will be 5530 and above only on spot prices with close above 5555 levels.
3) Above 5530, Nifty can test 5555-5585. The QE results of ICICI Bank tomorrow could be a trigger for fall or rise depending on this bank's performance in the first quarter. Happy trading :)
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