|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
7757
|
7783
|
|
5 L - AMA
|
7672
|
7690
|
|
5 AMA
|
7720
|
7740
|
|
13 AMA
|
7660
|
7615
|
|
21 AMA
|
7676
|
7720
|
|
34 AMA
|
7552
|
7505
|
|
89 AMA
|
7202
|
7088
|
|
144
AMA
|
7005
|
6940
|
NIFTY BANDS :
SUPPORT : 7550 - 7615
RESISTANCE : 7690 - 7720
Nifty is still consolidating within the range of our support and resistance band. However, the outlook is starting to look a little weak unless Nifty picks up momentum soon.
The overhead resistance for Nifty now comes from all the short term 5AMA's as well as the 21AMA. The 13AMA also has caught up with Nifty which is placed precariously close to it based on today's closing. Thus, one thing becomes clear that momentum should come in soon or else we might witness Nifty breaking below the 34AMA which would give us the opportunity to go in for shorts. For now, the neutral stand remains.
Tomorrow being a weekly close will bring in more clues.
Trade as per levels
Happy Trading !!!
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