NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6260	6260
5 L - AMA	6213	6215
5 AMA	6222	6230
13 AMA	6295	6325
21 AMA	6240	6205
34 AMA	6260	6252
89 AMA	6113	6025
144 AMA	6048	5965

NIFTY BANDS :

SUPPORT :         6050 - 6110
RESISTANCE :   6240 - 6260


Nifty broke down all crucial AMA supports and formed a Bearish Engulfing in the weekly charts. So our Sell on Rises is intact and confirmed. Having said that, Nifty has fallen from 6400 to below 6200 in absolutely no time and a temporary bounce cannot be ruled out. However, this bounce should not cross and close above the 34AMA for it to be treated as a corrective bounce.
Thus, we should watch the 34AMA as a crucial level on the upside and one can initiate fresh shorts near the resistance band of 6240 - 6260 with the 34AMA as the stop on closing basis.
Nifty will target the 144AMA and failing to hold the same will go much lower in this fresh downwave.


Trade as per levels.

Happy Trading !!!