NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6299	6295
5 L - AMA	6219	6222
5 AMA	6211	6205
13 AMA	6288	6290
21 AMA	6325	6348
34 AMA	6276	6317
89 AMA	5970	5887
144 AMA	5955	5901

NIFTY BANDS :

SUPPORT :         5900 - 5970
RESISTANCE :   6205 - 6210


As mentioned in yesterday's post, the 6280 - 6310 zone proved to be crucial and there was massive selling pressure and as a result Nifty fell from a high of 6289 to a low of 6180. That's more than a 100+ point drop from our resistance band.

This is the power of the AMA table. Nifty is still in Sell on Rise mode. Now the table shows that the 5 & 5L AMA have dropped down to the 6200 - 6220 band. For Nifty to make any meaningful recovery and bounce back this band needs to be crossed. Or else the next support comes in at the 5900 - 5970 zone.

It is still possible for Nifty to show a retrace of the entire fall from 6342 but for that Nifty needs to cross and close above the 6220 level. However, witnessing today's price action and reversal the chances of that are dim. Tomorrow is weekly closing and the price action will be extremely important.

Shorts should be held onto for the target of 89 & 144AMA band with stop at 6220.


Trade as per levels.

Happy Trading !!!