Nifty opens with huge gap following very positive cues across the West and crosses 5K mark and settles to close @ 4937. VWAP @ close is 4980. The trading band has now shifted to a higher gear of 4840-5000 now.
1) Nifty should consolidate around 4900 levels now and few days of volatile sessions can be expected. Longs only above 4970 of spot prices.
2) Support level is 4860 and Nifty could retrace the gap up zone and take U-turn from this level.
3) Below 4860, Nifty will be weak and levels of 4800-4750 will come into play. Happy trading :)
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