NIFTY AMA
|
RANGE
| |
5 H – AMA
|
6293
|
6279
|
5 L - AMA
|
6211
|
6191
|
5 AMA
|
6284
|
6273
|
13 AMA
|
6278
|
6294
|
21 AMA
|
6267
|
6256
|
34 AMA
|
6224
|
6281
|
89 AMA
|
5900
|
5823
|
144 AMA
|
5907
|
5853
|
NIFTY BANDS :
SUPPORT : 6225 - 6275
RESISTANCE : 6300 - 6339
Nifty has broken above the 13AMA but it remains an unconvincing breakout. We need an additional confirmation with market sustaining it's momentum post expiry in the new series. All the 3 crucial AMA's i.e. 13, 21 & 34 AMA have risen and come near the 6225 - 6295 zone. That is pretty close to the closing price of Nifty in today's session. Therefore, the breakout remains unconvincing and needs additional confirmation by showing follow up buying and maintain it's momentum. A breakdown below all the 3 crucial AMA's will be negative and can be used as a shorting opportunity for target towards the rising 89 & 144AMA.
Market has now taken support from the 21 & 34AMA band for the second time. Will it be 3rd time lucky?? Let's wait and watch.
Trade as per levels.
Happy Trading !!!
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