NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6020	5998
5 L - AMA	5940	5920
5 AMA	5953	5938
13 AMA	6152	6188
21 AMA	6232	6283
34 AMA	6245	6296
89 AMA	5987	5905
144 AMA	5973	5925

NIFTY BANDS :

SUPPORT :         5920 - 5980
RESISTANCE :   6150 - 6190


Nifty has seen a relentless 7 day fall. Markets are falling and taking out all supports whatsoever. After a 300 point + drop, Nifty has reached the crucial support zone of 89 & 144 AMA. If markets are to stage a bounceback then it has to be from this critical support band that we have been mentioning. A break below this support band will add heavily to the bearishness and one may witness some heavy selling. However, if Nifty does manage to hold this support band then markets may stage a smart bounceback.
It's proving futile to catch minor supports which are giving way one by one in this fall. The AMA table shows that the 5H - AMA is now at the 6000 - 6020 zone. So a move above this will help the markets to gain some momentum on the upside towards the 13 AMA.

Crucial time ahead for Nifty.


Trade as per levels.

Happy Trading !!!