|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
7835
|
7858
|
|
5 L - AMA
|
7778
|
7799
|
|
5 AMA
|
7828
|
7850
|
|
13 AMA
|
7711
|
7660
|
|
21 AMA
|
7745
|
7735
|
|
34 AMA
|
7805
|
7860
|
|
89 AMA
|
7577
|
7545
|
|
144
AMA
|
7290
|
7205
|
NIFTY BANDS :
SUPPORT : 7735 - 7745
RESISTANCE : 7830 - 7860
Nifty has some good event list going ahead in the form of Rail Budget, Budget, IIP Data, Infy Results etc. Thus, it is definitely going to be an eventful week with an increased bout of volatility.
As one can notice from the AMA table there is crucial support in the 7735 - 7745 zone where the 21AMA is sitting tight. Below that, we also have the 13AMA which is providing good support at 7710. However, there is good overhead resistance for Nifty in the 7800 - 7850 zone. All the short term 5AMA's and the crucial 34AMA are providing resistance in this band.
So it is a tight and narrow range for Nifty and a breakout on either side will give markets further direction. With an event lined week a move on either side will definitely come and we should then ride the breakout/ breakdown.
For now, we are neutral to mildly positive as long as the support bands hold up. Below 7730, we will exit longs.
Trade as per levels.
Happy Trading !!!
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