NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	7347	7310
5 L - AMA	7318	7311
5 AMA	7340	7340
13 AMA	7305	7304
21 AMA	7165	7094
34 AMA	7125	7108
89 AMA	6855	6760
144 AMA	6755	6738

NIFTY BANDS :

SUPPORT :         7125 - 7165
RESISTANCE :   7305 - 7320


Although Nifty bounced off the support band as mentioned in our previous post, however the momentum was lacking by the end of the trading session where Nifty lost some ground and closed below the 7300 level.


Thus, tomorrow's closing becomes absolutely crucial as not only will it give us a clue to Nifty's intentions but also be a weekly closing. Notice, that the 13AMA has jumped above the Nifty as it failed to build up on the required momentum. Therefore, the longs have to be booked out and if Nifty continues to show weakness then one may go in for aggressive shorts as well with the 13AMA as the stop.


Tomorrow remains an important day to decide Nifty's course ahead.


Trade as per levels.

Happy Trading !!!