NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6155	6144
5 L - AMA	6070	6050
5 AMA	6078	6060
13 AMA	6230	6243
21 AMA	6293	6330
34 AMA	6267	6310
89 AMA	5980	5899
144 AMA	5966	5915

NIFTY BANDS :

SUPPORT :         6050 - 6080
RESISTANCE :   6144 - 6155


Nifty has fallen over 200+ points since our sell triggered near 6300. This is the 5th straight session that Nifty has been in the red. Now, 5 is an important Fibonacci number coupled with the fact that markets are in oversold territory.
The AMA table shows minor support at the 6050 - 6080 zone below which is the actual support band of 5900 - 5980 which we have been talking about since Nifty triggered a sell. It is quite possible that markets may take support at the 5 & 5L AMA and bounce back towards 5H-AMA and even 13AMA. If markets do hold out this support band then one may book profit in shorts and take minor longs with appropriate sl and reverse it on break of 5L-AMA. The nature and velocity of the bounce will have to be keenly watched to judge it's strength.


Trade as per levels.

Happy Trading !!!