|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
6066
|
6047
|
|
5 L - AMA
|
6015
|
5996
|
|
5 AMA
|
6050
|
6037
|
|
13 AMA
|
6030
|
5992
|
|
21 AMA
|
6120
|
6135
|
|
34 AMA
|
6222
|
6290
|
|
89 AMA
|
6020
|
5935
|
|
144
AMA
|
5999
|
5945
|
NIFTY BANDS :
SUPPORT : 6000 - 6030
RESISTANCE : 6120 - 6135
Although Nifty broke yesterday's low, it mnaged to stay inside the neutral range and took support exactly at the upper end of the 13AMA. We still have a cluster of numbers showing up as support in the 6000 - 6030 zone. Hence, this remains a crucial support and as long as this support holds out we may expect Nifty to test the 21AMA band at 6120 - 6135 zone.
It remains to be seen whether Nifty has the strength to break out above the 21AMA, above which it will go into a different orbit towards the 34AMA. However, if it is unable to break above it then we may expect some weakness to return.
To conclude, Nifty has a slight positive bias till it holds out it's support band.
Trade as per levels.
Happy Trading !!!
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