|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
6725
|
6710
|
|
5 L - AMA
|
6648
|
6625
|
|
5 AMA
|
6666
|
6646
|
|
13 AMA
|
6750
|
6751
|
|
21 AMA
|
6825
|
6845
|
|
34 AMA
|
6863
|
6932
|
|
89 AMA
|
6646
|
6588
|
|
144
AMA
|
6595
|
6603
|
NIFTY BANDS :
SUPPORT : 6610 - 6650
RESISTANCE : 6751 - 6800
Nifty has been moving choppily awaiting the "BIG EVENT" come may 16th for any directional move. However, it is important to note that the markets will definitely provide clues prior to the event and those who catch on will reap a humungous gain although with a high amount of risk nevertheless.
The AMA table puts it straight and clear. Support exists at the upper band of the 89AMA which is very close to the 6650 level and resistance comes in at the 6750 level where the critical 13AMA is placed. It is important to note that Nifty sold off sharply today from a high of 6740 which is very close to the resistance zone of 13AMA.
Therefore, the line in the sand remains the 13AMA. Only if Nifty manages to close above the 13AMA then we might expect a bounce or an uptick in momentum. Till then, Nifty may continue seeking support on the downside which is provided by the 89 & 144AMA. The last support for Nifty exists at 6590 and a break below that will open the gateways for some heavy selling.
Volatile times ahead.
Trade as per levels.
Happy Trading !!!
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