NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6513	6500
5 L - AMA	6410	6399
5 AMA	6512	6506
13 AMA	6392	6393
21 AMA	6280	6237
34 AMA	6195	6136
89 AMA	6287	6351
144 AMA	6225	6197

NIFTY BANDS :

SUPPORT :         6392 - 6393
RESISTANCE :   6550 - 6580


Nifty built up on it's breakout momentum from yesterday and hit a 100++ in today's trading session and thereby giving us a hit of nearly 500 point gain from our buy of 6050. Phew !!!

I would recommend to book out 50% of longs at a humungous 500 point gain and trail the rest with stop at the 13AMA. This is because there is a significant weekly channel resistance at the 6550 - 6580 band and I have put it up here for the benefit of all even though it is not in the AMA table. Coupled with this the market is also in overbought territory, therefore one may expect some consolidation going forward. Thus, it is advised to book 50% profits and trail the rest to the 13AMA.

The 13AMA has now climbed up all the way to 6400 but the rest of them are far behind and yet to start rising up. Therefore, I would expect Nifty to consolidate now with the crucial level being 6350. This level will now become our SAR. Only if Nifty manages to break below this on eod basis then we will go SHORT.


Markets may consolidate in the 6350 - 6550 band till then before letting out the new direction.


Trade as per levels.

Happy Trading !!!