Nifty's resilience to below 5400 level and then rising up to close just 6 points down from its previous close (Friday) is a healthy sign.
Punters are gearing up to cover their shorts and may push Nifty further up due to short covering.
This short covering may lead Nfity to test the levels of 5560 and then 5590.
But until Nifty closes above 200 DMA at 5630 (SMA) and 5650 (EMA) any rise will be just treated as a temporary relief rally and traders must stay cautious of these rallies.
We advise traders to cover short positions and stay neutral until their is clear sign of uptrend or downfall from these levels.
Punters are gearing up to cover their shorts and may push Nifty further up due to short covering.
This short covering may lead Nfity to test the levels of 5560 and then 5590.
But until Nifty closes above 200 DMA at 5630 (SMA) and 5650 (EMA) any rise will be just treated as a temporary relief rally and traders must stay cautious of these rallies.
We advise traders to cover short positions and stay neutral until their is clear sign of uptrend or downfall from these levels.
Nifty Pivot 5502
Support 5473-5435
Resistance 5543-5577
Support 5473-5435
Resistance 5543-5577
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