Nifty opens gap up at 5340 after a bullish close above 5200 on muhurat trading day and closes the gap down opening of August 5th with a gap up opening around same levels. VWAP @ close is 5380. Nifty closes at 5361.
1) Now the level of 5320 is reversal level towards filling the gap and on upside the level of 5380 and above will be bullish for targets of 5435-5495-5555.
2) Below 5320, levels of 5270-5210 are important support levels. Currently these two level supports or resistance has not been tested because of gap down and gap up opening as shown in the chart.
3) The volatility index has eased considerably now and a range bound trading range for November series could be 5110-5180-5250-5320-5390-5460-5555 with the level of 5320 acting like a mean level. Happy weekend. Happy trading :)
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