Nifty closes at 4949 after consolidating in the morning and trading comfortably above 4900 levels to test 4965. VWAP @ close is 4922.
1) Some more short covering should take Nifty to 5000-5045 with reversal below 4930 only tomorrow.
2) The bias is still negative and fall below 4930 can again take Nifty back to 4830 levels.
3) Nifty today has closed just below the 5-EMA level of 4950 and needs to trade above this level tomorrow for further upside towards 5000. Happy trading :)
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