NIFTY AMA	RANGE
5 H – AMA	8053	8043
5 L - AMA	7963	7958
5 AMA	7975	7972
13 AMA	8137	8175
21 AMA	8152	8187
34 AMA	8090	8060
89 AMA	8180	8287
144 AMA	7968	7957

NIFTY BANDS :

SUPPORT :         7950 - 7960
RESISTANCE :   8050 - 8070


Nifty is on the verge of breaking the support of the 144AMA which has not happened in a long time. Nifty has managed to smartly bounce off this crucial support every time in this rally. Therefore, tomorrow's session becomes crucial for Nifty where it should manage to close above this important support zone.

Nifty should some convincing strength from this support zone and close comfortably above the 8000 zone to continue with its rally. Any weakness in momentum in staging a rally from this support zone will make this bounce corrective and hint at a larger decline to follow. The 144AMA is in rising mode and rising quickly at that. However, with the pace that the 144AMA is rising it looks difficult for Nifty to scale up with ferocious momentum. Thus, there are higher chances for Nifty to break down further.

The next 2 days price action will provide us with further clues. We will be ready to take a trade on either side.


Trade as per levels.

Happy Trading !!!