NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6355	6354
5 L - AMA	6305	6311
5 AMA	6318	6325
13 AMA	6318	6315
21 AMA	6292	6275
34 AMA	6306	6306
89 AMA	6343	6402
144 AMA	6182	6105

NIFTY AMA :

SUPPORT :         6105 - 6180
RESISTANCE :   6305 - 6320


Nifty has failed to cross the crucial resistance of 6357 multiple times after hitting the all time high of 6415. We mentioned several times that the key difference lies in the fact that Nifty has broken below the 89AMA and has been trading below it for the past several sessions. This would make any bounce a selling opportunity until Nifty closes above the 89AMA.

Even though Nifty was rising for the past few sessions it was trading below the 89AMA and failed to cross it. Therefore, every bounce was a selling opportunity.

The AMA table clearly shows that the support now comes in only at the 144 AMA. All other AMA's are now acting as resistance bands with today's fall in Nifty. The key resistance band now lies at the 6305 - 6320 zone.

Nifty should ideally break through the solitary support of the 144AMA and when that happens Nifty will witness much lower levels. Till then hold the shorts and add more on any bounce towards 6300.


Trade as per AMA levels.

Happy Trading !!!