NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6375	6390
5 L - AMA	6352	6378
5 AMA	6360	6382
13 AMA	6326	6334
21 AMA	6313	6310
34 AMA	6261	6311
89 AMA	5935	5855
144 AMA	5930	5875

NIFTY BANDS :

SUPPORT :         6260 - 6310
RESISTANCE :   6325 - 6335


Firstl Happy Diwali to all of you. May this festival of Light and Joy fill your year ahead with Love, Peace and Prosperity.

Nifty managed to give it's highest closing since Nov 2010 at Samvat 2070. TV Analysts are bombarding viewers with views of a new bull market and the magical 7000 figure on the Nifty. One of the most prominent being Mr. Sukhani predicting and projecting this to millions of viewers as the Start of a New Bull Market.
Are markets really at the cusp of a breakout and have started the ride towards 7000?
I Don't Think So. The most important factor being that markets are crawling up on slower momentum instead of showing strength. This loss of momentum does not gel well with the start of a new bull market theory.

Nifty made a high of 6343 today, a shade below it's all time high of 6357.
The AMA table shows that with today's move in the Muhurat Trading Session, the 13AMA has crossed over and closed above the Nifty and is now placed as a resistance at the 6325 - 6335 zone.
While the 21 & 34AMA have inched up and reached at the crucial 6260 - 6310 zone. Remember, Nifty in the last two occasions had taken support of the 21 & 34 AMA bands and rallied from there.
So if it does not hold this band the 3rd time and breaks below it then it would mark an important turning of trend and will be a crystal clear Reversal in Nifty.

So the most important thing for Nifty is to not loose momentum as these AMA's are in rising mode and will rise with each session. If Nifty looses momentum then it will find itself trading below these crucial AMA's in the next few trading sessions which will become important resistance band.


Critical Time Ahead.

Trade as per levels.

Happy Trading & Happy Diwali !!!