NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6156	6125
5 L - AMA	6108	6078
5 AMA	6108	6074
13 AMA	6258	6304
21 AMA	6220	6195
34 AMA	6240	6230
89 AMA	6126	6051
144 AMA	6051	5965

NIFTY BANDS :

SUPPORT :         6108 - 6125
RESISTANCE :   6220 - 6240


Nifty broke down in last hour of trade after holding along for most part of the trading session. The AMA table shows support at the 6108 - 6125 zone with the 89AMA climbing to the 6126 level. As mentioned earlier, Nifty needs to pick up momentum if it has to stage a bounce back and tomorrow might be the day with RBI Policy and Fed Meet as the trigger for the same.

However, any bounce will be met with stiff resistance at the 34AMA placed at the 6230 - 6240 zone. So one should keenly observe the price behaviour at this key resistance zone. If Nifty is unable to close above this critical resistance band then one may use it to create Shorts. This 34AMA band will act as our Reference Level and should be used in SAR mode.


Trade as per levels.

Happy Trading !!!