|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
6258
|
6283
|
|
5 L - AMA
|
6206
|
6225
|
|
5 AMA
|
6230
|
6258
|
|
13 AMA
|
6140
|
6123
|
|
21 AMA
|
6117
|
6068
|
|
34 AMA
|
6223
|
6263
|
|
89 AMA
|
6044
|
5950
|
|
144
AMA
|
6016
|
5952
|
NIFTY BANDS :
SUPPORT : 6120 - 6140
RESISTANCE : 6220 - 6260
Nifty broke down the range after yesterday's inside day. This was expected as Nifty closed below the 5L-AMA showing break of momentum. This correction can be taken as a consolidation and may last a few more days. The range remains the same. With support at 6120 - 6140 and resistance at 6220 - 6260. So a fall towards the support range should be bought into.
An observation about India Vix in today's trading session.
The India Vix retreated from it's highs of 25 made in the day to end below 24. We may expect some range bound moves for some days allowing the Vix to cool off and retest it's earlier lows. If that proves to be correct then we may expect Nifty to take support at our support band and move higher. However, above today's high, Vix may make a trending move which may coincide with a break in our support range. So keep an eye on Vix.
Till then the long bias remains.
Trade as per levels.
Happy Trading !!!
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