|
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 !!!
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