Nifty opens just below 5-EMA level and gets support around 4685 to retrace back to the higher resistance level of 4790 and finally closes flat at 4754. VWAP @ close is 4746.
1) The views remain unchanged for third consecutive day with the trading band that Nifty has established between 4725-4790 over this week. However, now caution needs to be exercised going long on Monday above resistance level of 4790 spot prices intra day as the trading band established this week could change next week. Bullish range for Monday will be 4790 to 4850-4925.
2) Below 4725, Nifty has already tested 4685 levels and next support level is 4630-4590.
3) The 5-EMA/5-SMA level was breached today but Nifty recovered to close above same today. Happy weekend. Happy trading :)
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