NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6360	6373
5 L - AMA	6302	6325
5 AMA	6315	6335
13 AMA	6240	6210
21 AMA	6270	6270
34 AMA	6292	6300
89 AMA	6320	6370
144 AMA	6149	6060

NIFTY BANDS :

SUPPORT :         6210 - 6240
RESISTANCE :   6270 - 6320


Posting after a sabbatical of 10 days. So need to get directly to what the AMA table indicates.

The AMA table shows that Nifty is in neutral zone right now with a negative bias. Presently, it's stuck between the 13 & 21+34 AMA.

Lets see why the negative bias.
As mentioned earlier, the key difference this time around is that Nifty is trading below the 89AMA unlike the previous times where Nifty bounced off the support of 89 & 144 AMA multiple times. Critically, Nifty failed to cross above the 89 AMA during this bounce and sold off exactly from the key resistance of 89AMA. Therefore, the bias remains negative and Sell on Rises. So the level of 6320 becomes all the more crucial which is the lower band of the 89 AMA.
Secondly, Nifty is also trading below the 21 & 34 AMA. Therefore, the weightage is more on the negative side proportionately. Support is coming in only from the 13 & 144 AMA.


Aggressive traders may short Nifty on every Rise towards 6320. Conservative traders may wait for price confirmation below 13AMA.


Trade as per levels.

Happy Trading !!!