Nifty trades gap down with negative bias in line with global cues but manages to trade within the lower end of the Friday range of 4980-5025 to close above 5K. VWAP @ close is 4987. Nifty closes at 5017.
1) Nifty has had three consecutive close above 5K as of today and with improved global cues looks likely to consolidate around 5000 levels with 5045 as the important level to go long for targets of 5070-5110-5150.
2) Below 4980, Nifty will be weak and fall to 4900-4860 levels. Happy trading :)
Thanks Vinod!
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