Nifty enters February series in overbought condition and closes at the highest point of the series. VWAP @ close is 5153.
1) To begin with, the February series looks bullish as long as Nifty closes above 5110 for targets of 5210-5260-5320. The trading range has extended towards the higher level of 5180 and at lower end risen from 5055 to 5085.
2) Fresh short positions only after a close below 5110 on spot price and fresh long positions only above 5180 level of spot prices.
3) The 5-EMA/5-SMA level is 5082/5079. Happy Republic day. Happy trading :)
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