Nifty gained support at 20SMA(5410) and has retraced 38.2% of fall from 5608 to 5408 today but has closed below the 5EMA(5476) and above the day pivot of 5455.
Tommorow's action plan: (Intraday)
Short below 5475 with SL @ Hourly close above 5480 (Just above 5EMA and Hour HEMA)
possible target - 1. pivot at 5455, 2. DLEMA - 5421
Long above 5485 with SL @ Hourly close below 5470 (just below 5EMA and Hour HEMA)
Possible targets : 5525 - DHEMA and channel resistance
5 EMA has been taken as nifty has closed below it which indicates weakness.
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