Nifty apparently trades with positive bias and closes above yesterday's close, but needs to now overcome resistance at 4890 levels for bullishness to return. Obviously buyers will dry up below the year low of 4720 in a falling market and market makers will try to keep it in a trading zone for now. VWAP 4821. Nifty closes at 4812.
1) Reversal level remains 4830 for tomorrow too with resistance at 4890 to be overcome.
2) Below 4770, newer lows of the year will be made. With two days more to go for expiry of November series, volatility will be high and it is buy on dips and sell on rise mode for intra day players.
3) The level of 4890 is the 5-EMA level now too. Happy trading :)
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