|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
6085
|
6080
|
|
5 L - AMA
|
5982
|
5966
|
|
5 AMA
|
6030
|
6002
|
|
13 AMA
|
6042
|
6005
|
|
21 AMA
|
6145
|
6168
|
|
34 AMA
|
6237
|
6306
|
|
89 AMA
|
6016
|
5933
|
|
144
AMA
|
5996
|
5943
|
NIFTY BANDS :
SUPPORT : 6005 - 6040
RESISTANCE : 6145 - 6170
Nifty bounced off exactly from our support band of 89 & 144 AMA and has staged a strong rally. With this bounce Nifty has again crossed our SAR band of 13AMA and is now trading comfortably above it. Resistance now comes in at the 21AMA band placed at the 6145 - 6170 zone which is the area from where Nifty sold off heavily the previous time.
To sum up, markets are in neutral zone. The bounce may continue for some more time and if this bounce manages to close above the 21AMA then we will head straight towards the upper end of the 34AMA towards 6300+
As long as the 13AMA holds there is no danger to this bounce but if it gives way with the absolutely Critical Band of 89 & 144 AMA then we may witness some fast and furious selling.
Trade as per levels.
Happy Trading !!!
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