|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
6395
|
6407
|
|
5 L - AMA
|
6345
|
6356
|
|
5 AMA
|
6372
|
6388
|
|
13 AMA
|
6301
|
6299
|
|
21 AMA
|
6227
|
6167
|
|
34 AMA
|
6260
|
6256
|
|
89 AMA
|
6097
|
6004
|
|
144
AMA
|
6043
|
5965
|
NIFTY BANDS :
SUPPORT : 6260 - 6300
RESISTANCE : 6345 - 6355
Nifty having shown weakness in the start of the trading session dropped below the 6300 level only to take support at the 13AMA as mentioned in yesterday's post and holding onto the support rallied at the end of the trading session to close above the 6300 mark.
What more can u ask for. This is the beauty of following the AMA levels and being in sync with the trend !!!
Having said that, the 13AMA has moved upto the 6300 mark and will rise with each passing session with some momentum behind it's heels. Therefore, Nifty must maintain it's momentum to avoid going below the 13AMA or that will be the first dent in this spectacular rally.
If Nifty goes below the 13AMA we will look for additional confirmation for a break below the critical 34AMA. If Nifty does indeed break the 34AMA then we can add shorts and change our stand from 'Buy on Dips' to 'Sell on Rallies'. Aggressive Traders can even short on break of 6300 / 13 AMA band.
It's crucial time ahead.
Trade as per levels.
Happy Trading !!!
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