NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	7550	7560
5 L - AMA	7460	7465
5 AMA	7485	7480
13 AMA	7645	7690
21 AMA	7676	7705
34 AMA	7700	7735
89 AMA	7365	7280
144 AMA	7125	7050

NIFTY BANDS :

SUPPORT :         7400 - 7440
RESISTANCE :   7645 - 7690


Nifty in line with our sell on rise stand has continued weakening right from our sell zone of 7650.

We mentioned earlier that the 34AMA remains the most crucial. However, the 34AMA being in rising mode has risen to 7700 and above thereby widening the distance to almost 200 points. This in turn gives Nifty ample room to bounce even though the bounce may remain corrective. Even the structure of the fall post break of the 34AMA has not been severe. Support also comes in at 7400 with the upper band of the 89AMA closing in on that zone.

To sum it up, Nifty has good support in the 7400 - 7440 (today's low) band. One should book out shorts here and re-enter on a bounce close to one of the resisting AMA's or on break of the 89AMA.
One may even try mild longs with strict stop of the upper band of the 89AMA.



Trade as per levels.

Happy Trading !!!