"Inflation data released at noon shows that it stood at 4.28% vs 4.80% last week, is quite positive for our markets. However, being the last day of the week and markets have run up considerably, profit booking is expected at higher levels. Markets face hurdle at May closing for the day. The weekly closing is likely to be quite positive, which takes the markets into bullish orbit next week, since there is a clear bullish cross over where 5 DSMA is now stands higher than 20 DSMA.
One can trade long with a stop loss below 20 DSMA which will be the trend decider in case of any unforeseen large sell off.
Nifty might close flat to negative level for the day.
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