Nifty goes past 5055 to close @ 5127 after RBI policy announcement was accepted by the market. VWAP @ close is 5106.
1) Nifty crossed 5110 comfortably in the morning session itself and consolidated around 5110 level to touch a high of 5141 on spot price. Now 5110 remains reversal level. A close above 5215 (200-Day SMA level) sets Nifty up for higher targets above 5350-5450.
2) Tomorrow is January series expiry day and some wild fluctuations either side of 5110 can be expected. Bias remains up as long as 5-EMA/SMA levels are not broken. Support is around those levels of 5045/5039 levels now. Below the support levels of 5035, Nifty can fall fast towards 4950-4900. Above 5110, the next upside level will be 5165-5210.
3) This week also has a holiday the day after on 26th and then the weekend on 27th Friday. The next post will be after the weekend session on Friday. Happy Republic Day :) Happy trading :)
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