Nifty pulls back to close above 4900 following better global cues mainly due to short covering rally. VWAP @ close is 4887. Nifty closes at 4920.
1) Nifty has closed above the 5-EMA level after nearly 20 sessions and the short term bullishness will continue above 4935 for immediate target of 4975-5020. The week should end above 5110 for bullishness to continue.
2) Below 4900, Nifty can slip back towards 4850-4800 range this week. Happy trading :)
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