NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6215	6195
5 L - AMA	6108	6090
5 AMA	6148	6133
13 AMA	6237	6276
21 AMA	6227	6221
34 AMA	6228	6206
89 AMA	6143	6077
144 AMA	6057	5970

NIFTY BANDS :

SUPPORT :         6130 - 6150
RESISTANCE :   6206 - 6230


Nifty after having made a high early in the morning on the back of overnight news, sold off heavily and closed below the 6200 level.

We mentioned yesterday that the 34AMA was acting as a formidable resistance as the Nifty could not cross the same even with the boost of a favourable RBI Policy. Therefore, Shorts were advised on every rise with the 34AMA as SAR on closing basis. Nifty respected the strong resistance even today and sold off from the morning highs to end deep in the red.

The 34AMA has now come down to the 6205 - 6230 band. Therefore, any pullback near 6200 and above should be used to create shorts with 6230 as SAR on closing basis. A lot of numbers are clustering near the 6230 zone which makes it a really crucial level.

It is important to notice that the 89AMA has climbed upto the 6145 mark and is now within striking distance after today's negative close. Nifty bounced off the 89AMA last time, therefore this becomes absolutely crucial for Nifty to hold onto. Failure to hold the same would bring in the Change of polarity principle into effect and this will give us additional confirmation to change of trend in Nifty to the downside.

It's a narrow band between 6150 - 6230 for Nifty. Change of trend will occur with break on either side. For now its a Sell on Rallies market and 6150 is expected to break unless proved otherwise.



Trade as per levels.

Happy Trading !!!