NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	6775	6785
5 L - AMA	6707	6715
5 AMA	6758	6766
13 AMA	6711	6690
21 AMA	6722	6765
34 AMA	6592	6560
89 AMA	6440	6441
144 AMA	6405	6415

NIFTY BANDS :

SUPPORT :         6690 - 6710
RESISTANCE :   6765 - 6785


Nifty shrugged off the RBI event and fooled both bears and bulls by doing nothing. Happy April Fool's :)


Nifty continued to knock at the upper band of the 21AMA and it moved in a tight range and closed the day neutral above the key 13 & 21AMA. With today's close the key support band has shifted to 6690 - 6710. If Nifty has to continue it's upward march then it should pick up momentum in a day or two or else it will close below it's key support of both the 13 & 21AMA which are in rising mode.

Remember, we mentioned that closing below the 13 & 21AMA for the second time will give us a high probability reversal which can be used to SELL for target of the 34AMA  and lower.

The reason for preferring a Short is due to Nifty knocking repeatedly at the upper band of the 21AMA and not breaking through. This kind of price action does not invoke confidence to buy into. The comfort and preference therefore remains to sell into on confirmation of the trigger by the AMA table.


Till then waiting patiently as the narrow range continues.


Trade as per levels.

Happy Trading !!!