|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
6844
|
6862
|
|
5 L - AMA
|
6797
|
6820
|
|
5 AMA
|
6797
|
6813
|
|
13 AMA
|
6828
|
6826
|
|
21 AMA
|
6870
|
6887
|
|
34 AMA
|
6877
|
6942IS
|
|
89 AMA
|
6615
|
6560
|
|
144
AMA
|
6563
|
6567
|
NIFTY BANDS :
SUPPORT : 6570 - 6615
RESISTANCE : 6800 - 6830
Nifty as anticipated sold off from our resistance zone and has fallen nearly a 100 points in a jiffy.
The trend as per the AMA table remains down and therefore we may witness some further weakness. Any meaningful support now only comes near the 89 & 144AMA zone which lies near the 6600 levels, almost a 150 points away !!!
6800 is now a crucial resistance zone and Nifty tried several times today to cross this critical resistance zone but to no avail as the current trend asserted itself.
The AMA table will alert us incase of a shift in trend so that we may protect our shorts and profits. Till then ride the trend and carry the Shorts. One may even add shorts incase of any bounce with an appropriate stop.
Trade as per AMA levels.
Happy Trading !!!
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