NIFTY AMA

NIFTY AMA	RANGE
5 H - AMA	6183	6200
5 L - AMA	6112	6137
5 AMA	6123	6143
13 AMA	6067	6026
21 AMA	6077	6107
34 AMA	6007	6015
89 AMA	5771	5715
144 AMA	5825	5785

NIFTY BANDS :

SUPPORT :         6007 - 6015
RESISTANCE :   6077 - 6107

 Event :  US reaches an agreement on it's debt ceiling (temporarily).
 Outcome : Markets go into the RED !

The whole world was expecting a massive rally or short squeeze in face of any agreement reached on the US Debt Ceiling. Instead, markets go into profit booking mode. That's the beauty about the markets.
Remember, the AMA table gave us an early cautionary signal on break below the 21AMA !!!

Nifty has reached close to it's support zone of 13 & 34AMA. The whole cluster zone of 6000 - 6025 is a crucial support for Nifty and a break below this would definitely give more weight to a bearish probability.  Resistance remains at the 21AMA. Nifty needs to break on either side to confirm it's direction. The AMA table has already given us an early caution signal and the bias remains on the short side due to this.

 P.S :-  Interestingly, weakness was led by the favourite I.T sector which has made a bearish Evening Star on the daily charts and can easily correct by 20%. Yes, that's right... 20% or more :)



Trade as per levels.

Happy Trading !!!