|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
6805
|
6808
|
|
5 L - AMA
|
6742
|
6746
|
|
5 AMA
|
6778
|
6782
|
|
13 AMA
|
6756
|
6735
|
|
21 AMA
|
6767
|
6808
|
|
34 AMA
|
6650
|
6632
|
|
89 AMA
|
6470
|
6462
|
|
144
AMA
|
6433
|
6445
|
NIFTY BANDS :
SUPPORT : 6630 - 6650
RESISTANCE : 6755 - 6770
Nifty has almost confirmed a breakdown below the 13 & 21AMA in today's trading session thereby giving us a highly probable reversal scenario. The only glitch is that Nifty has closed a shade above the lower band of the 13AMA placed at 6735. However, it is expected to break and Nifty will now target the 89 & 144AMA which happen to be the crucial AMA's from where the breakout earlier happened.
We have taken a Short Trade and now maintain a SELL ON RISES stance. Resistance is at the key 13 & 21AMA. The AMA table has given us a confirmation of the loss in momentum. Nifty kept knocking at the upper band of the 21AMA but failed to break above it repeatedly. Such a price action is also similar to forming a top. This is the sheer brilliance of the AMA table !!!
For now, SELL on every Rise. Stop is small. Rewards can be BIG.
Trade as per levels.
Happy Trading !!!
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