|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
6062
|
6068
|
|
5 L - AMA
|
6016
|
6020
|
|
5 AMA
|
6050
|
6060
|
|
13 AMA
|
5985
|
5950
|
|
21 AMA
|
6083
|
6112
|
|
34 AMA
|
6146
|
6175
|
|
89 AMA
|
6301
|
6398
|
|
144
AMA
|
6180
|
6125
|
NIFTY AMA :
SUPPORT : 5950 - 5985
RESISTANCE : 6090 - 6120
Nifty has been in consolidation mode since the past few trading sessions and it is consolidating between the 13 & 21 AMA. We are holding our shorts from 6350 and Nifty has reached a crucial stage where the fate of those Shorts will be decided. If Nifty breaks above the 21AMA then we will exit our shorts and book profits. However, if Nifty is unable to cross the resistance band of 21AMA then we will hold onto our shorts and review whether Nifty takes support at the 13AMA.
Please note that the 21AMA is in falling mode and if Nifty closes above 6085 tomorrow then it will weaken the case for our Bearish stand and we should book our profits. If Nifty has to weaken from here then ideally it should be tomorrow or day after.
This week is heavy with a few events lined up coupled with Nifty at a decider point. Interesting week ahead.
Stay Alert.
Trade as per levels.
Happy Trading !!!
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