NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6097	6070
5 L - AMA	6015	5990
5 AMA	6068	6038
13 AMA	6130	6143
21 AMA	6215	6260
34 AMA	6250	6302
89 AMA	6000	5918
144 AMA	5982	5932

NIFTY BANDS :

SUPPORT :         6130 - 6145
RESISTANCE :   6250 - 6300


Nifty has bounced off exactly from the "actual" support band of 89 & 144 AMA that we had been mentioning all throughout in all our previous posts.

This is the power of the AMA table.

Now there are 2 scenarios in play. Nifty has bounced convincingly from our support band and closed above the 13AMA. Therefore, the crucial support zone to watch out for becomes the 13AMA. This is the second time that markets have tested the support of the 89 & 144AMA band and bounced off it.
Thus, it is becomes absolutely critical now. As the next time will be the 3rd time test.

Please remember Nifty had behaved in a similar fashion whilst taking support from the 21 & 34AMA band.
It had bounced off twice from the support band of 21 & 34AMA before breaking it the 3rd time from the top of 6342.
If this pattern plays out on the larger frame of the 89 & 144 AMA band then markets will go into a selling frenzy and in a larger decline mode.

On the upside the resistance comes in at the critical 34AMA and Nifty is likely to retest the broken support of 34AMA.

The 2 critical bands to watch out for are the 13 & 34 AMA for Nifty's path ahead.

Apologies for the lengthy post :)


Trade as per AMA levels.

Happy Trading !!!