|
NIFTY AMA
|
RANGE
|
|
|
5 H – AMA
|
7755
|
7765
|
|
5 L - AMA
|
7610
|
7613
|
|
5 AMA
|
7652
|
7663
|
|
13 AMA
|
7698
|
7687
|
|
21 AMA
|
7717
|
7699
|
|
34 AMA
|
7800
|
7855
|
|
89 AMA
|
7610
|
7590
|
|
144
AMA
|
7315
|
7230
|
NIFTY BANDS :
SUPPORT : 7590 - 7610
RESISTANCE : 7685 - 7700
We mentioned yesterday that the 89AMA remains the most crucial support band for Nifty as throughout this rally Nifty has taken support off it and bounced.
With today's close the 89AMA has shifted marginally higher to the 7590 - 7610 band. Therefore, what Nifty does tomorrow will be the decider. If Nifty is unable to close above 7610 then the bull party and this rally may well be over. But if Nifty does bounce back and manages to close above 7610 then the bull case hopes will stay alive and will come into definite contention on breaking above the 13AMA.
It's a very precarious situation and tomorrow can be anybody's game. Who takes it remains to be seen. There will be 2 ways volatile moves in the day. Where the close comes is important. 7610 will remain the line in the sand.
Trade as per levels.
Happy Trading !!!
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