NIFTY AMA

NIFTY AMA	RANGE
5 H - AMA	5590	5602
5 L - AMA	5411	5440
5 AMA	5460	5503
13 AMA	5320	5285
21 AMA	5316	5256
34 AMA	5438	5490
89 AMA	5700	5780
144 AMA	5777	5790

NIFTY BANDS :

SUPPORT :           5250 - 5320
RESISTANCE :    5440 - 5490


Nifty fell by more than 200 points and formed a huge bearish engulfing on the daily charts. The average true range of has expanded considerably due to the rise in VIX.
Nifty got resisted at its previous low of 5565 made during the fall from 6200 odd levels. This proved to be a crucial number and led to massive selling in the index on fears of a ratings downgrade and a probable attack on Syria by the US.

These are highly volatile times. The trend is clearly down. Support exists in the 5250 - 5320 range which is pretty close to the current closing of Nifty. Hence, a temporary bounce may materialise which can be used to sell with the 34AMA band as the closing stop loss.

2 consecutive closing above the 34AMA band will signal change in the trend and pause the strong momentum on downside.

Trade as per levels.



Happy Trading !!!