|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
6246
|
6260
|
|
5 L - AMA
|
6203
|
6212
|
|
5 AMA
|
6238
|
6252
|
|
13 AMA
|
6138
|
6123
|
|
21 AMA
|
6117
|
6075
|
|
34 AMA
|
6223
|
6267
|
|
89 AMA
|
6040
|
5946
|
|
144
AMA
|
6013
|
5951
|
NIFTY BANDS :
SUPPORT : 6120 - 6140
RESISTANCE : 6240 - 6260
Nifty formed an inside today with the day high near the resistance of 34AMA band. This is how well the table works !!!
As mentioned yesterday, Nifty is in positive bias and Buy on Decline mode till the cluster support band of 13 & 21 AMA holds out. This support band clusters around the 6120 - 6140 zone.
With today's move and drop in momentum, the 5AMA and the 5H-AMA have jumped to the 6240 - 6260 zone which will act as resistance. The 5L-AMA comes in at the 6203 - 6212 zone. Nifty gave a closing below it today so there is a drop in positive momentum in the short term. Thus, if Nifty trades weak tomorrow then a correction till the support band of 6120 - 6140 can be expected which can be used for buying into.
However, if this crucial support band breaks then there will be a change in stand from Buy on Dips to Sell on Rises.
Trade as per levels.
Happy Trading !!!
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