The first trading session of 2012 begins on a flat note with Nifty finding support at 4588 and closing just above the year end close value of Friday. VWAP at close is 4629. Nifty closes at 4636.75.
1) Nifty has traded below the 5-EMA level for more than 10 sessions now and this level assumes importance for tomorrow as Nifty could likely over come resistance at this level tomorrow and a small rally ahead of the result season beginning can be expected now. The 5-EMA level is 4661 for tomorrow.
2) Below 4590, support levels are 4530-4480.
3) Overall bias is negative for the larger (month) time frame below 4790 level. Happy trading :)
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