NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6222	6295
5 L - AMA	6140	6120
5 AMA	6143	6123
13 AMA	6264	6270
21 AMA	6315	6345
34 AMA	6272	6311
89 AMA	5976	5892
144 AMA	5961	5908

NIFTY BANDS :

SUPPORT :         6120 - 6140
RESISTANCE :   6265 - 6315


Nifty has fallen for the 4th consecutive day. Although today's price action dented the weekly charts for Nifty, the 5 & 5L - AMA are now below the closing price and will act as a temporary support for Nifty. If Nifty manages to hold on to the 6120 - 6140 band then it may bounce back and retrace the fall from 6342. Resistance comes in at the 6265 - 6315 band. However, if the support band of 6120 gives way then a meaningful support will emerge from the 89 & 144 AMA band in the 5900 - 5970 zone. This support band will change in the days to come as both the AMA's are in rising mode.

Aggressive traders may book the shorts and use SAR with 6120 as the level which is also the low made in today's trading session.

Nifty is eventually headed for the actual support band of 89 & 144 AMA. Whether it does so after bouncing back or goes straight there remains to be seen.



Trade as per levels.

Happy Trading !!!