07.02.2020 Friday, 8:24 am 

What has happened yesterday? Nifty index as expected and written opened on a postiive note and tested 12150 levels thereafter, a mild profit booking dragged the Index till 12085 further, the weekly option expiry volatility made the Nifty Index to trade up and down. It made a day high at 12160.60, near our resistance levels i.e 12170 and closed the day at 12137.95 with positive note.

What will happen today? Nifty Index today may open on a flat to negative note to test 12105-12080 levels, further weakness below 12080 then, it may re-test 12045-12000-11930 levels. On the other hand, the immediate resitance seen at 12170-12200 further upmove above 12200 then, it may test 12225-12270-12300-12330 levels. 

Special Mention: Nifty Index already closed above 11930 for three trading sessions and as written tested almost 12170 levels yesterday if, continue to close above 12170 then, 12270-12370-12430 possible levels in the near term. We expect a mild sell-off cum profit booking till 12020-11930 possible very soon, due to the Nifty Index trading in a over bought zone, some consolidation may be needed to move up beyond 12300 levels.

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