NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6585	6575
5 L - AMA	6532	6523
5 AMA	6578	6565
13 AMA	6630	6666
21 AMA	6597	6636
34 AMA	6450	6387
89 AMA	6380	6396
144 AMA	6340	6337

NIFTY BANDS :

SUPPORT :         6565 - 6575
RESISTANCE :   6600 - 6630


Nifty has rallied towards it's all time highs near 6600 but yet the AMA table is not indicating any positive momentum. On the contrary Nifty is inching up to stay just below the 21AMA. This is not a good indication and shows inherent weakness in this leg up from 6500.

The AMA table shows key resistance levels in the zone of 6600 - 6630. Until Nifty manages to clear this band convincingly we will not even think about going long especially with Nifty making new highs and yet knocking and probing the resistance band of 21AMA without breaking above it.

We had advised a SELL on Rise in our last post and we maintain that stand. Short every rally with a stop at 6636 which is the upper band of the 21AMA. (The upper band level will keep changing with each trading session and so will our stop)

Markets are at a juncture where small time traders will become investors on a sudden reversal. Be cautious.


Trade as per levels.

Happy Trading !!!