|
NIFTY AMA
|
RANGE
|
|
|
5 H - AMA
|
6120
|
6142
|
|
5 L - AMA
|
5973
|
5992
|
|
5 AMA
|
6023
|
6060
|
|
13 AMA
|
6063
|
6138
|
|
21 AMA
|
5860
|
5825
|
|
34 AMA
|
5662
|
5530
|
|
89 AMA
|
5711
|
5727
|
|
144
AMA
|
5782
|
5766
|
NIFTY BANDS :
SUPPORT : 5825 - 5860
RESISTANCE : 5973 - 5992
Nifty has turned and almost fallen off a cliff from it's crucial multi year resistance point. We are below 5900 in a matter of 2 days. That's the kind of volatility in the market.
With this sell off Nifty is trading below all the 5AMA and the 13AMA.
For the market to gather any kind of momentum on the upside the 5L-AMA has to be crossed first which coincides very well with the crucial band of 5970 - 5990. If this band is crossed we may see the Nifty aiming for the 5H - AMA and the 13AMA.
Support is very near at the 5825 - 5860 zone. Interestingly, this zone also has the 200DMA at 5845. So we may definitely witness a tussle around this zone. How the Nifty reacts from this band is important. If the Nifty closes below the 21AMA then the party is in probability over for the bulls. However, if it does manage to hold onto the 21AMA then a bounce is on the cards. How far, we will have to wait n see.
Trade as per levels.
Happy Trading !!!
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