NIFTY AMA

NIFTY AMA	RANGE
5 H - AMA	5350	5294
5 L - AMA	5165	5112
5 AMA	5283	5225
13 AMA	5370	5353
21 AMA	5445	5437
34 AMA	5615	5702
89 AMA	5797	5855
144 AMA	5856	5870

NIFTY BANDS :

SUPPORT :         5350 - 5370
RESISTANCE :  5440 - 5445


Nifty is in a strong bear market and a sliding rupee is not giving any comfort whatsoever to the trampled bulls. As per the AMA table Nifty is now at a crucial juncture. Support exists at 5350 - 5370 range and holding this band will be critical for the markets to show some strength. The 21AMA band is perilously close near the 5450 zone. To conclude, if Nifty manages to give a closing above 5450 then we may see a bounce in the markets and a retracement rally to this entire fall from 6000++ levels. However, not being able to sustain the 13AMA band will push the Nifty down even further and break down majorly. Setting targets on the downside would be foolish in such a strong downtrend and we will ride the trend till stopped out.


P.S. : -  We have added another fibonnaci number in our table i.e the 21AMA for further fine tuning of levels.


Trade as per levels.

Happy Investing !!!