Nifty achieves the weekly close above 5315 today on the weekend. VWAP at close is 5311. Nifty closes @ 5326.
1) Long positions intraday on Monday only above 5325 only for targets of 5365-5390-5410. Intraday support should be at 5285 levels.
2) The level of 5250 has now formed good support today and only after a weekly close below 5250 can shorting be thought of by intra day traders.
3) Nifty has closed above all long term SMAs (200-SMA of 5198) decisively for more than 3 sessions and should trade above these levels for a medium term target of 5555 levels with support at 5250-5170 levels. Happy trading and happy weekend :)
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