Nifty opens gap down below 5-EMA level of 5087 and manages to find support around 5045 levels to finally close above the 5-EMA level. VWAP at close is 5069 indicating the important level of 5070 was the turning point later in the day. Nifty closes @ 5092 just above 5-EMA level but below the 5-SMA level.
1) The level of 5110 remains the reversal point for fresh longs once again for target of 5150-5225 for intraday traders.
2) Below 5070 spot price, today levels of 5045 offered support, and below this level 4980-4935 will be support levels.
3) Nifty has been broadly trading in the range of 5010-5150 on spot prices over the past many days and this range should resolve conclusively only with a close above 5150 close or 5000. Happy trading :)
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