NIFTY AMA

NIFTY AMA	RANGE
5 H – AMA	7517	7498
5 L - AMA	7377	7345
5 AMA	7415	7382
13 AMA	7610	7647
21 AMA	7650	7644
34 AMA	7763	7825
89 AMA	7643	7645
144 AMA	7349	7263

NIFTY BANDS :

SUPPORT :         7380 - 7415
RESISTANCE :   7610 - 7640


Nifty in line with our Sell On Rise stand, has moved exactly to our expecations and dropped by almost 400 points from the highs in a matter of days.

A sudden reversal has caught a lot of market participants by surprise and on the wrong foot. However, we exited our longs at 7730 and even went short courtesy the AMA table and are sitting in neat profits right now !!! That's the brilliance of this simple and highly effective table.

As one can gauge from the AMA table, Nifty has mild support in the 7380 - 7415 range and a stronger support below that at the 144AMA which happens to be the last supporting AMA. There is strong overhead resistance for Nifty above the 7600 zone. It can be easily inferred that a bounce towards 7600 would be a good shorting opportunity for those who missed the aggressive shorts from 7700+

The market trend has clearly reversed for the time being and unless the price action proves otherwise it would be prudent to adopt a Sell on Rise stance rather than a Buy on Dips. This market may drop much lower on breaking below the 144AMA.



Trade as per levels.

Happy Trading !!!