A gap up opening on strong global cues and Nifty trades above 4900 for most part of day before closing at 4888. VWAP @ close is 4910.
1) From the short term point of view Nifty has closed above 5-EMA as well as 5-SMA level of 4832/4866 and looks to go up towards 4975-5035.
2) Monday will be bullish as long as the level of 4835 is held even with a gap down opening.
3) Gap up opening above 4935 will take Nifty past 4975-5050 as lot of short covering needs to take place now.
4) Below 4835, expect Nifty to fall once again towards 4775-4700 levels.
5) The daily chart for about 40 trading sessions (8 weeks time frame) above shows 4975 as an important level now for Nifty to close above ahead of the earnings season to make an attempt to overhaul 5230-5270 in anticipation of good results from index heavy weight stocks. Happy weekend! Happy Trading :)
Thanks Vinod!
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