Nifty opens gap up above the 5-EMA/5-SMA levels which was the reversal point for today with positive global cues and sustains above this level to go past 4850 levels and closes @ 4851. VWAP @ close is 4828.
1) The bounce up above the 5-EMA level should now continue upward above 4860 to around 4920-4970 level. Reversal will be below 4800 level on spot prices.
2) Below 4800 level, Nifty might touch 4740-4680.
3) A close above 4920 tomorrow with continuation of this upward momentum will likely take Nifty to 5085 levels in a couple of days after some consolidation around the levels of 4900. Happy trading :)
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