|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
6808
|
6820
|
|
5 L - AMA
|
6744
|
6753
|
|
5 AMA
|
6745
|
6751
|
|
13 AMA
|
6815
|
6818
|
|
21 AMA
|
6863
|
6883
|
|
34 AMA
|
6877
|
6945
|
|
89 AMA
|
6625
|
6570
|
|
144
AMA
|
6570
|
6575
|
NIFTY BANDS :
SUPPORT : 6570 - 6625
RESISTANCE : 6800 - 6815
Nifty expectedly weakened further and close near to the 6700 zone by the end of the trading session.
The 2 short term 5AMA's i.e. 5L-AMA and 5AMA converge in the zone of 6745 - 6750. Hence, it will be important for Nifty to take out this band for any short term upmove or pause in downward momentum. The crucial trend reversing AMA however remains the 13AMA which is sitting tight at 6815. This 13AMA will also act as our stop to protect our shorts and also our profits especially with VIX in the 30's.
The trend remains down and bounces are to be sold into. The 89 & 144AMA continue to rise. A break below these crucial bands will intensify the selling.
Trade as per levels.
Happy Trading !!!
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