|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
7520
|
7475
|
|
5 L - AMA
|
7445
|
7420
|
|
5 AMA
|
7515
|
7478
|
|
13 AMA
|
7603
|
7642
|
|
21 AMA
|
7635
|
7625
|
|
34 AMA
|
7763
|
7830
|
|
89 AMA
|
7670
|
7680
|
|
144
AMA
|
7372
|
7292
|
NIFTY BANDS :
SUPPORT : 7550 - 7600
RESISTANCE : 7670 - 7680
Nifty rallied after having found support at the upper band of the 144AMA. We had mentioned previously that one should short as close as possible to the resistance zone of the overhead AMA's.
With today's move, there is a chance to go short in Nifty with a small stop and also a chance to go long with a small stop. Keep in mind that Nifty has managed to pierce through the lower band of the 13AMA which now stands as a support at the 7600 level. Therefore, unless Nifty breaks the 7600 level decisively or breaks past the resistance at the 89AMA it can keep dilly dallying in this range. As long as 7600 holds, Nifty can keep inching higher towards the 89AMA. So one can play in this range on both long and short till a decisive move occurs.
Trade as per levels.
Happy Trading !!!
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