|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
6625
|
6623
|
|
5 L - AMA
|
6575
|
6570
|
|
5 AMA
|
6615
|
6617
|
|
13 AMA
|
6633
|
6655
|
|
21 AMA
|
6618
|
6660
|
|
34 AMA
|
6476
|
6420
|
|
89 AMA
|
6390
|
6401
|
|
144
AMA
|
6352
|
6353
|
NIFTY BANDS :
SUPPORT : 6570 - 6575
RESISTANCE : 6620 - 6655
Nifty rallied right into our resistance band of the 13 & 21AMA as mentioned in yesterday's post and got sold off to close at 6600. Brilliant !!!
With today's price action the short term 5AMA's have aligned perfectly. Nifty has closed below the 5H & 5AMA indicating some short term weakness. Also, The 5L-AMA comes in at the 6570 - 6575 band which happens to be the zone where Nifty took resistance previously before breaking out above it. As per the Principle of Polarity, that resistance should now become an important support. Breaking below the 5L-AMA will dampen the positive momentum built up till now and make way to head lower.
We have been shorting on every Rise and our average is roughly near 6580. Our stop has moved further away towards the 6660 zone. One may tweak their stop and lower it to the 13AMA as per one's risk preference as the stop is wide currently.
However, one thing is certain. This is not the stage to go long. Definitely not. Filter out the noise of 7000+ and do not get roped in. Do not be gullible. The AMA table has been cautioning & indicating inherent weakness for the past few days and a probable reversal might be on the cards especially with today's failure to break above the 13 & 21AMA. Use the AMA system to your advantage and you will surely benefit.
For now its SELL on Every Rise till the 21AMA is taken out.
Trade as per levels.
Happy Trading !!!
Hi Ankit,
ReplyDeleteThank you very much for providing market levels which are nothing but brilliant. Kudos to you.
I have a request for you - kindly update the blog regularly, so that if any positions are taken, we can regularly update our targets/stop-losses as per the levels.
Thanks once again.
Hi Praveen,
ReplyDeleteThank you for ur valuable feedback.
I try and update the blog as regularly as possible. But at times its a tad difficult due to my work commitment. Will definitely be as regular as possible.
Cheers.