|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
7740
|
7760
|
|
5 L - AMA
|
7633
|
7645
|
|
5 AMA
|
7725
|
7745
|
|
13 AMA
|
7605
|
7560
|
|
21 AMA
|
7623
|
7670
|
|
34 AMA
|
7487
|
7435
|
|
89 AMA
|
7145
|
7030
|
|
144
AMA
|
6965
|
6902
|
NIFTY BANDS :
SUPPORT : 7560 - 7600
RESISTANCE : 7670 - 7740
Nifty formed a hanging man after breaking below the 7600 level in intraday to close slightly positive by the end of the day.
The AMA table shows that Nifty took support of the 13AMA and bounced but it closed the day below the upper band of the 21AMA. How Nifty reacts from these support and resistance bands from hereon will be interesting to see. Price and momentum are crucial now. As of now, Nifty is in neutral territory and longs should be held on with strict stop of the lower band of the 21AMA on closing basis.
Aggressive Shorts below 13AMA and conservative on break below the 34AMA.
Till then enjoy the trend with strict stops as a reversal here can be sharp and swift. Protect profits.
Trade as per levels.
Happy Trading !!!
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