NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6055	6022
5 L - AMA	5990	5955
5 AMA	6025	5986
13 AMA	6193	6240
21 AMA	6205	6207
34 AMA	6250	6260
89 AMA	6330	6398
144 AMA	6185	6117

NIFTY BANDS :

SUPPORT :         5985 - 6020
RESISTANCE :  6120 - 6185


Nifty with another gap down fell all the way down to 6030 before recovering in late trade to close near 6070. Nifty held onto the mild support of 6040 on closing basis as mentioned yesterday.

The crucial level to watch out for now becomes the lower band of the 144AMA at 6117 or 6120 rounding it off. So the stop for our shorts should be 6130 on closing basis adding a filter of 10 points. If Nifty manages to pierce and close inside the 144AMA band then the downtrend may take a halt. So the stop is being shifted to the lower band of the 144AMA which will protect our profits incase the Nifty reverses.

If Nifty is unable to close above the 6120 level that will be considered a sign of weakness & one may see Nifty drifting down again targeting much lower levels.


Trade as per levels.

Happy Trading !!!