NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	5990	5996
5 L - AMA	5916	5925
5 AMA	5972	5975
13 AMA	6043	6063
21 AMA	6122	6152
34 AMA	6187	6220
89 AMA	6310	6397
144 AMA	6183	6125

NIFTY BANDS :

SUPPORT :         5990 - 5996
RESISTANCE :   6065 - 6125


Nifty managed to hold onto the 200dma for the second day and closed in the green by pulling back in the later half of the trading session.

The AMA table shows mild support in the 5970 - 5990 range where the 5H-AMA & 5AMA congest. Immediate resistance comes in from the 13AMA at the 6043 - 6063 band and above that lies the 21AMA coupled with the crucial lower band of the 144AMA at 6125.

If Nifty manages to pierce through and close above the 13AMA then it would be the first cautionary signal to our shorts. We would become cautious not convinced. The line in the sand would still remain the crucial 6120 - 6130 zone where now the 21AMA & the 144AMA confluence. Till that zone is protected by the bears one may comfortably hold the shorts. Above that, Shorts need to be booked out completely.

Nifty's behaviour around the 13AMA needs to be watched carefully for further clues to the inherent strength of this bounce. Friday will bring in more clues towards the weekly closing.


Trade as per levels.

Happy Trading !!!