Nifty trades negatively in the morning session once again to find support around 5200 levels and closes above the 5-EMA level @ 5265. VWAP @ close is 5262 and this level of 5260+ appears to be the balance price zone for Nifty.
1) The trading range of 5210-5310 has now shrunk to 5200-5282 on spot prices. More upside can be expected above 5295 spot price levels for targets of the 200-EMA/SMA level of 5335/5405 immediately.
2) Below 5265 (the newly developed balanced price level), Nifty can once again test 5200-5150.
3) Further tomorrow is the last trading day of the week ahead of the longish weekend with Monday being a holiday and the closing levels of tomorrow will decide the trend of Nifty for the week ahead. Happy trading :)
Good wrap-up as ever Vinod.
ReplyDeleteThanks Shai and a lot of educative material received from you through Vtrender MP profile lessons :)
ReplyDeleteRegards
Vinod