|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
7311
|
7278
|
|
5 L - AMA
|
7195
|
7180
|
|
5 AMA
|
7295
|
7265
|
|
13 AMA
|
7430
|
7495
|
|
21 AMA
|
7390
|
7395
|
|
34 AMA
|
7290
|
7245
|
|
89 AMA
|
7000
|
6890
|
|
144
AMA
|
6860
|
6820
|
NIFTY BANDS :
SUPPORT : 7250 - 7300
RESISTANCE : 7390 - 7430
Nifty bounced off strongly from the support of 34AMA and is now within striking distance of the critical 7400 level.
Nifty is following the AMA table perfectly. Even with such a huge upmove Nifty has not managed to cross the resistance of the 21AMA. It is yet sandwiched between the 21 & 34AMA which are acting as crucial resistance and support zones respectively.
A break below the 34AMA from here, after such a big rally will be considered very weak and we can see Nifty targeting the 144AMA and lower if it happens.
Tomorrow is a crucial day with the RBI policy hence volatility will be on the rise. It is crucial for Nifty to break through and close above the 7400 level to sustain the momentum.
Trade as per levels.
Happy Trading !!!
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