|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
7557
|
7540
|
|
5 L - AMA
|
7520
|
7510
|
|
5 AMA
|
7545
|
7530
|
|
13 AMA
|
7620
|
7635
|
|
21 AMA
|
7680
|
7705
|
|
34 AMA
|
7733
|
7790
|
|
89 AMA
|
7405
|
7335
|
|
144
AMA
|
7155
|
7080
|
NIFTY BANDS :
SUPPORT : 7520 - 7530
RESISTANCE : 7620 - 7630
As mentioned in our previous post, Nifty took support of the crucial 89AMA and bounced more than a 100 points towards 7600 !!!
We had advised to exit out of shorts and even take mild longs on account of the 34AMA running too far off from Nifty and due to the presence of the 89AMA as an important support. The markets obliged us by bouncing off from our support zone with some vengeance. However, Nifty has an important overhead resistance at the 7620 - 7630 zone where the 13AMA lies put. If Nifty manages to cross this resistance convincingly then one may carry the longs. However, inability to cross this resistance will be considered weak and we shall review the longs accordingly with a stop at our support band.
Till then ride the trend.
Trade as per levels.
Happy Trading !!!
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