NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6133	6117
5 L - AMA	6062	6040
5 AMA	6070	6042
13 AMA	6230	6270
21 AMA	6228	6220
34 AMA	6263	6270
89 AMA	6333	6398
144 AMA	6185	6114

NIFTY BANDS :

SUPPORT :         5970
RESISTANCE :   6185


Nifty having stayed positive for most part of the day witnessed heavy selling in the later part of the trading session and closed in the Red.

It was clearly mentioned in yesterday's post that the crucial resistance level for Nifty remains the upper band of the 144AMA where the 5H-AMA was also placed. Nifty made a high of 6170 before falling all the way down to 6110 it's day low which also was the lower band of the 144AMA. How about that??

This is the beauty of the AMA table and the AMA levels. We have been able to short Nifty near it's highs of 6350 and ride the trend all the way till now. We had the upper band of the 144AMA table as the stop for our shorts & Nifty reversed today right from our mentioned resistance level thereby enabling us to still remain with the trend and carry our shorts.

The only solitary support is now coming from the lower band of the 144AMA at 6114 which should ideally give way. If Nifty breaks below that then it should witness much lower levels. Mild support is coming in from the 5L-AMA at 6040 for tomorrow's trading session. Below that there is the recent support level of 5970 which is only a temporary psychological support as there is no AMA level to signify it's importance for now.

Enjoy the Shorts.


Trade as per levels.

Happy Trading !!!