Nifty tanks with a huge gap down opening and takes U-turn from the levels of 5115 based on short covering rally to close at the crucial level of 5211. VWAP @ close is 5187.
1) The overall scenario is bearish and volatility index is on the rise with uncertainty in the global markets. Nifty should test 5070-4990 in this volatile scenario.
2) It will take a few weeks for the volatility to stabilize and being on the right side of volatility is what is required now as threat of gap down/gap up openings restricts a trader to carry overnight position comfortably.
3) Reversal level for Nifty will be 5240 on closing basis for targets of 5290-5340. Have a great weekend!!! Happy trading :)
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