The fall in Nifty continues in tune with global indices and now VWAP has fallen to 5384 levels. Nifty closes at 5332.
1) The scenario is bearish once Nifty closed below 5555 and continues to be so. Nifty needs to find support at lower levels once global markets are also stabilized and the levels of support are 5290-5210. Below 5210, the important support level will be 5110.
2) Any bounce above 5380-5390 level will be short covering rally towards a target of 5410-5425. Happy trading :)
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