|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
6199
|
6197
|
|
5 L - AMA
|
6148
|
6152
|
|
5 AMA
|
6201
|
6203
|
|
13 AMA
|
6113
|
6091
|
|
21 AMA
|
6115
|
6088
|
|
34 AMA
|
6220
|
6270
|
|
89 AMA
|
6034
|
5943
|
|
144
AMA
|
6010
|
5950
|
NIFTY BANDS :
SUPPORT : 6090 - 6115
RESISTANCE : 6220 - 6270
Nifty has given a good bounce as anticipated. After pushing through the 21AMA, Nifty reached the 34AMA as mentioned earlier. The 34AMA is the only band giving resistance on the upside while the 13 & 21 AMA have clustered and formed a support nearby the critical 6100 zone. Thus the bias remains on the long side till this crucial cluster support zone is not broken. For the short term, 6200 remains important to sustain the momentum as the 5H-AMA & 5AMA converge there. If 6200 gives way then markets might loose the built up momentum and correct towards the crucial support zone.
The long bias continues for now.
Trade as per levels.
Happy Trading !!!
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