NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6098	6101
5 L - AMA	6057	6062
5 AMA	6088	6103
13 AMA	6040	6006
21 AMA	6110	6114
34 AMA	6217	6283
89 AMA	6023	5936
144 AMA	6002	5946

NIFTY BANDS :

SUPPORT :         6020 - 6040
RESISTANCE :   6110 - 6115


Nifty broke out of the range on the upper side and held onto the crucial supports which was in line with our positive bias. However, the breakout is not clean yet. The table shows that the 21AMA acted as a resistance which has come down to the 6110 - 6115 zone and is right where today's high was made !! This is the beauty of the AMA table.

So in a way Nifty is still stuck in the range between 13 & 21 AMA.
Therefore, Nifty needs to break out above today's high and the 21AMA to make a decider move towards the 34AMA while holding the crucial support of 13AMA.

There is a range contraction in Nifty and it should make it's move soon. The critical support band is 6020 - 6040 below which the lower band of 89 & 144 AMA at 5936 - 5946 will come into play. But if the upper band of these 2 critical AMA's gives way then I doubt the lower ends will hold as the markets have taken support multiple times at the upper end of the 89 & 144 AMA.

For now Nifty is sandwiched between 13 & 21 AMA. Breakout on either side is awaited.


Trade as per levels.

Happy Trading !!!