NIFTY AMA

NIFTY AMA	RANGE
5 H - AMA	5780	5778
5 L - AMA	5705	5712
5 AMA	5743	5740
13 AMA	5917	5965
21 AMA	5940	6021
34 AMA	5745	5650
89 AMA	5710	5701
144 AMA	5790	5770

NIFTY BANDS :

SUPPORT :          5701 - 5745
RESISTANCE :    5917 - 5965


Nifty bounced exactly off the 89AMA and closed near the high of the day. We had highlighted the support of 89AMA and Nifty took support exactly at that zone. The table clearly shows that all the 5AMA's are now acting as support and the resistance for Nifty comes in at 5920. Therefore, we may  expect Nifty to oscillate between the 13 and 89AMA before the 34AMA catches up. It will be prudent to see whether Nifty breaks the 34AMA on the downside or the 13AMA on the upside. Break of the 13AMA on upside will signal further upside for Nifty towards it's recent top. However, break of the 34AMA will weaken the Nifty further as we will have 3AMA's as resistance i.e 13, 21 & 34AMA and only 2AMA bands as support i.e. 89 & 144AMA. Nifty will give us clues to it's behaviour in the days to come. Till then consolidation is expected between the bands.


Trade as per levels.

Happy Trading !!!