NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6176	6225
5 L - AMA	6080	6130
5 AMA	6106	6170
13 AMA	6072	6047
21 AMA	6175	6205
34 AMA	6250	6315
89 AMA	6015	5930
144 AMA	5992	5940

NIFTY  BANDS :

SUPPORT :         5930 - 6015
RESISTANCE :   6050 - 6130


We mentioned in the previous post that the 13AMA is crucial to hold onto incase the Nifty wants to rally further. The Nifty broke the 13AMA violently and has reached straight for the support band of 89 & 144 AMA.

Remember the fractal we pointed out a couple of posts ago. Similar to the 21 & 34AMA, Nifty should break the support band of 89 & 144 AMA on the 3rd attempt. Well this is the 3rd attempt and we should watch whether Nifty does break this support band this time around. It had bounced off this support band twice earlier. If it does break then that would bring in some serious selling into the markets and Nifty would sell off all the way to 5700 and 5500 if we project the smaller fractal into the larger one.

Nifty can definitely give a trading bounce and the crucial levels to watch out for are the 5L-AMA and the 13AMA. Nifty needs to close above the 13AMA to change its reversed trend and above the 5L-AMA to halt this downside momentum.
Failure to do so will re-invite selling pressure and thus lead to the break of the 89 & 144 AMA.

Shorts created on break of 13AMA should be held onto with stop of 13AMA on closing basis.
Nifty is at a crucial juncture. Its a Sell on Rise for now till Nifty proves otherwise,


Trade as per levels.

Happy Trading !!!