Nifty closes above 5700 levels and looks to move up with high expectations from the QE 1 result season. VWAP @ close is 5703. Nifty closes at 5729.
1) Bullish range for tomorrow will be above 5745 only for target of 5780-5820.
2) Reversal level to think of shorting remains @ 5665. This level was the hurdle so far over the week and Nifty has overcome that level today. Below 5665, the next major support level will be 5600-5555.
3) Nifty is trading above all long-term and short-term EMAs and SMAs except the 200-SMA level which is now at 5744. A weekly close above 5745 sets Nifty up for 5855+ levels. The market is moving towards this important level of 200-SMA and it signifies a bullish undertone now and market expectations are now obviously high with the QE-1 earning estimates. Happy trading :)
No comments:
Post a Comment