NIFTY AMA
|
RANGE
|
|
5 H – AMA
|
6623
|
6635
|
5 L - AMA
|
6553
|
6573
|
5 AMA
|
6560
|
6566
|
13 AMA
|
6545
|
6558
|
21 AMA
|
6432
|
6410
|
34 AMA
|
6285
|
6193
|
89 AMA
|
6316
|
6356
|
144
AMA
|
6265
|
6240
|
NIFTY BANDS :
SUPPORT : 6410 - 6430
RESISTANCE : 6545 - 6565
Nifty has resisted thrice at the 6560 mark and formed a kind of triple top there. Even the AMA table now reflects the importance of that level with a cluster of numbers acting as resistance there.
We exited our longs completely yesterday in anticipation of loss of momentum due to Nifty closing below the 13AMA. We mentioned that the 13AMA should rise somewhere near 6550+ as it is in rising mode and the Nifty took resistance exactly there and sold off in the latter half of the day !!!
Support now comes in at the 6410 - 6430 zone where lies the 21AMA which is also in rising mode. If Nifty has to continue it's upward journey then it must hold onto the 21AMA or else it will reverse it's trend.
Seeing the price action it looks as if sector rotation is going on currently with the strong outperformers IT & Healthcare slumping and the other sectors playing catch up. Sector rotation is not a highlight of a Bull Market. It usually takes place in choppy corrective rises.
As of now Nifty in neutral zone with rotation between 13 & 21AMA expected.
Trade as per levels.
Happy Trading !!!
No comments:
Post a Comment