|
NIFTY AMA
|
RANGE
|
|
|
5 H - AMA
|
6190
|
6198
|
|
5 L - AMA
|
6130
|
6152
|
|
5 AMA
|
6152
|
6166
|
|
13 AMA
|
6050
|
5993
|
|
21 AMA
|
6070
|
6107
|
|
34 AMA
|
5980
|
5970
|
|
89 AMA
|
5763
|
5710
|
|
144
AMA
|
5820
|
5781
|
NIFTY BANDS :
SUPPORT : 5970 - 5980
RESISTANCE : 6130 - 6150
Nifty having crossed the earlier high of 6142, met with some selling at the supply and inflection band of 6150 - 6200. Today's weakness in Nifty has given an early caution signal. Nifty managed to close below the upper band of the 21AMA. For additional confirmation, Nifty should weaken further and close below the 13 & 34 AMA which are congested in the 5970 - 6050 zone. Closing below the 34AMA would dampen any chances of a rally ahead the crucial US Debt Ceiling meet and even the sniff of a US Default could send the markets into a tizzy and freefall mode. Below 6000, target would come at the 144AMA band at 5800.
Thursday's movements would give us further clues to Nifty's path ahead. An early warning signal has been given by the AMA table as of now.
Trade as per levels.
Happy Trading !!!
No comments:
Post a Comment