|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
7625
|
7620
|
|
5 L - AMA
|
7565
|
7550
|
|
5 AMA
|
7602
|
7585
|
|
13 AMA
|
7585
|
7560
|
|
21 AMA
|
7690
|
7720
|
|
34 AMA
|
7750
|
7825
|
|
89 AMA
|
7485
|
7435
|
|
144
AMA
|
7220
|
7140
|
NIFTY BANDS :
SUPPORT : 7585 - 7600
RESISTANCE : 7720 - 7750
In our last post we mentioned 7565 as the crucial breakout point for Nifty & it broke through the same on Monday itself posting a 100+ rally and followed up with another positive close today. So now one knows how brilliantly this AMA table works where we dint need to wait for break of 7620 level, the so called resistance point by many technical analysts. A break above 7565 gave us an early hint and a distinct advantage.
We had been holding mild longs since 7460 and also advised to go long on breakout above 7565. Now Nifty has crucial resistance in the 7720 - 7750 zone. One may part book profits there and observe the price action. Not breaking above this resistance zone will be considered weak and invite some selling pressure. However, crossing this hurdle will open the path towards the upper band of the 34AMA at 7825.
Till then ride the trend and enjoy the longs.
Trade as per levels.
Happy Trading !!!
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