|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
7493
|
7510
|
|
5 L - AMA
|
7410
|
7430
|
|
5 AMA
|
7495
|
7520
|
|
13 AMA
|
7472
|
7480
|
|
21 AMA
|
7505
|
7560
|
|
34 AMA
|
7375
|
7330
|
|
89 AMA
|
7065
|
6950
|
|
144
AMA
|
6905
|
6855
|
NIFTY BANDS :
SUPPORT : 7350 - 7375
RESISTANCE : 7480 - 7550
Nifty managed to gain momentum post testing the crucial support of 34AMA and is now testing the resistance zone of the 21AMA.
Despite the rallies and the all time closing highs on Nifty, it has been unable to break past the resistance of the 21AMA and it is yet sandwiched between the 21 & 34 AMA band. It is yet playing within the range. Tomorrow is the important weekly closing and it will be interesting to see if Nifty closes strong without getting sold off on pretext of weekend profit booking.
India Vix is at it's support band. Nifty is near the resistance zone of the 21AMA. A correction is overdue. Tomorrow's price pattern should be watched carefully.
The crucial support remains the 34AMA and only below that one should go short convincingly.
Trade as per levels.
Happy Trading !!!
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