Nifty opens above 5-EMA/5-SMA level to move towards the important long term reversal level of 4790 with short covering and later some fresh buying to close at 4765. VWAP @ close is 4746. Nifty closes at 4765.
1) Nifty has gained some strength and support mainly with hopes banking on a good result season and Nifty will be good for intra day longs above 4775-4790 zone on spot prices for target of 4850-4900-4980 levels.
2) The level of 4725 on spot prices must hold and reversal to bearish mode only below 4725 level of spot price for target of 4680-4630. Happy trading :)
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