|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
6265
|
6265
|
|
5 L - AMA
|
6135
|
6130
|
|
5 AMA
|
6220
|
6215
|
|
13 AMA
|
6252
|
6286
|
|
21 AMA
|
6245
|
6248
|
|
34 AMA
|
6230
|
6200
|
|
89 AMA
|
6155
|
6090
|
|
144
AMA
|
6062
|
5972
|
NIFTY BANDS :
SUPPORT : 6230 - 6250
RESISTANCE : 6286 - 6300
The trading range for Nifty was mentioned as 6150 - 6230 with a breakout on either side. Nifty broke out above 6230 convincingly and hit over a century to almost touch 6300 in intra itself.
Our bias was short and we got stopped out at the 34AMA above which the breakout occurred and we went long. It was clearly mentioned to use the 34AMA as a SAR.
The support is firmly in place at the 6230 - 6250 zone for now and only a break below the 34AMA will change Nifty's trend back to negative. The momentum is on the long side for now. There is a minor resistance at the top end of the 13AMA band at 6286 which is pretty close to today's high.
Bears need to wait till Nifty gives a price confirmation by breaking below the 34AMA and showing a reversal while Bulls can buy on dips with 34AMA as the stop.
Trade as per levels.
Happy Trading !!!
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