Nifty remains range bound for third day in succession in movement and closes above 5K once again with a steady VWAP @ 4968. Nifty closes at 5013.
1) Today's close is above the 5-EMA level of 5001 and a short term bullish bias can be expected towards 5070-5110-5150 now.
2) Now the level of 4980 becomes reversal level for intra day tomorrow.
3) This rise ahead of the RBI policy announcement in a couple of days needs to be traded with caution as RBI could always spring the unexpected tough monetary tightening measures. The bias has turned positive for the next two sessions with the close above 5-EMA now. Happy trading :)
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