|
NIFTY AMA
|
RANGE
|
|
|
5 H– AMA
|
8125
|
8163
|
|
5 L- AMA
|
8020
|
8070
|
|
5 AMA
|
8048
|
8085
|
|
13 AMA
|
8074
|
8066
|
|
21 AMA
|
8150
|
8200
|
|
34 AMA
|
8140
|
8141
|
|
89 AMA
|
8225
|
8325
|
|
144
AMA
|
8055
|
8070
|
NIFTY AMA :
SUPPORT : Nil
RESISTANCE : 8070 - 8075
Nifty broke the crucial support of 8040 and has reversed gears for the moment until there are some positive clues from the AMA table.
We mentioned clearly in the last post, that there were 2 support levels and one could use either depending on their risk profile. The 1st support of 8125 got broken and we exited our longs to be safe from knee jerk reactions near ATH's and that's exactly what happened. Nifty gave a ferocious down move and also broke the crucial 2nd support zone at 8040. With this, all longs have to exit and bounces near resistance bands should be used to create shorts.
The market has changed it's gears and the AMA table suggests a Sell on Rise approach for now until Nifty manages to close above the resistance band. One should short as close as possible to the above mentioned resistance zone to keep stops minimal.
Trade as per levels.
Happy Trading !!!
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