|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
6256
|
6255
|
|
5 L - AMA
|
6210
|
6206
|
|
5 AMA
|
6253
|
6254
|
|
13 AMA
|
6168
|
6170
|
|
21 AMA
|
6083
|
6025
|
|
34 AMA
|
6115
|
6102
|
|
89 AMA
|
6266
|
6356
|
|
144
AMA
|
6185
|
6145
|
NIFTY BANDS :
SUPPORT : 6185 - 6205
RESISTANCE : 6255 - 6266
Nifty rose steadily towards the 6250 level and had a pretty range bound expiry. Nifty has been inching up steadily in line with our positive bias. Nifty is now pretty close to it's crucial resistance of 6266 which is the lower band of the 89AMA. How Nifty reacts to this resistance level remains to be seen. If Nifty manages to convincingly break above it then it would head straight for the upper band of the 89AMA placed at 6356 which also happens to be the level from where the fall down to 5970 had occurred.
Right now Nifty is compressed between the crucial levels of 6180 and 6270. Thus, Nifty might consolidate between these levels in a triangle fashion with high probability before giving a breakout in either direction. The breakout will be followed by us to capture the new direction in it's full swing.
Till then keep a mildly positive bias.
Trade as per levels.
Happy Trading !!!
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