NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	7452	7440
5 L - AMA	7320	7315
5 AMA	7383	7380
13 AMA	7450	7520
21 AMA	7285	7225
34 AMA	7215	7175
89 AMA	6925	6822
144 AMA	6803	6775

NIFTY BANDS :

SUPPORT :         7270 - 7285
RESISTANCE :   7380 - 7450


Nifty having reached the Election top at 7500 got sold off sharply amidst a heavily volatile day. Bulls will call this shake-out while Bears would like to call it as a double top with faster retracement of the previous rise. So what should one do??

Here the AMA table shows its brilliance. As one can see with the sharp sell off, Nifty closed below the 13AMA but it took support at the 21AMA near the 7270 zone. So Nifty is sandwiched between these 2 AMA's. However, Nifty is carrying a negative bias as it has closed below the 13AMA. A close below the 21AMA will give the required confirmation and trigger to go short.

Till then Nifty may dilly dally between these 2AMA's before giving the signal to it's future direction.

We would prefer going short if the momentum does not return in 2 trading sessions as that would auto push Nifty below the 21AMA which is in rising mode.

Markets are at a crucial juncture. Stay alert.



Trade as per levels.

Happy Trading !!!