|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
6302
|
6315
|
|
5 L - AMA
|
6247
|
6262
|
|
5 AMA
|
6250
|
6263
|
|
13 AMA
|
6157
|
6133
|
|
21 AMA
|
6130
|
6073
|
|
34 AMA
|
6225
|
6257
|
|
89 AMA
|
6052
|
5958
|
|
144
AMA
|
6020
|
5953
|
NIFTY BANDS :
SUPPORT : 6130 - 6160
RESISTANCE : 6250 - 6260
Nifty in sync with our long bias gave a huge gap up opening and touched the 6300 mark in Intra. Alot of shorts were trapped with today's gap up who were anticipating a fall in the markets. But the markets shot up in line with our long bias and gave a good 100+ point move.
Although Nifty touched the 6300 mark, the close was within the 34AMA band. So on immediate basis, the support for Nifty comes in at the lower end of the 34AMA band at 6225 and resistance comes in at the 6260 level where a lot of numbers are forming a cluster resistance.
The critical support still comes in at the 6130 - 6160 zone which is inching up slightly with each passing day. The kind of selling witnessed today from the high of 6300 makes this rally slightly doubtful. However, we have to just follow the table which will give us an early signal if there is a change of stance from 'Buy on Dips' to 'Sell on Rises'.
The long bias continues for now.
Trade as per levels.
Happy Trading !!!
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