NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6360	6382
5 L - AMA	6320	6350
5 AMA	6325	6349
13 AMA	6320	6323
21 AMA	6325	6330
34 AMA	6273	6322
89 AMA	5950	5870
144 AMA	5938	5885

NIFTY BANDS :

SUPPORT :         5870 - 5950
RESISTANCE :   6320 - 6350


Quote : If history repeats itself, We are in for top at Diwali.

This was stated in a post few days back. And Nifty having made headlines at the Diwali Muhurat Session of giving the highest closing gapped down in the next trading session. This shows the inherent weakness prevalent in this rally. The earlier highs failed to act as a support which would have been the case incase this was an actual breakout.

The AMA table shows that Nifty has fallen below all the 3 AMA's and thus given us a confirmation that this rally has indeed ended and the trend has reversed. Nifty had earlier bounced twice from the confluence band of 21 & 34 AMA and staged a rally. However, this time it has broken below the support of these AMA's and that marks a significant reversal.

6320 remains a crucial number popping up several times in the table and this will act as a major resistance to any retracement rally that we might witness after a 100 point fall in Nifty.

Nifty is now in SELL on RISE mode. Add shorts near 6310 - 6320 band.
Tgt remains the rising 89 & 144AMA.



Trade as per levels.

Happy Trading !!!