21.05.2020 Thursday, 8.40 am 

Hi Readers

What has happened yesterday? Nifty Index as expected opened on a positive note and tested near our hurdle level 9005, made a high at 9000, thereafter, the profit booking cum Intra sell-off dragged again with volatile move till 8930, the late hour pull back lifted the Index beyond our threshold level i.e. 9040, made a day high at 9093.80 and closed the day at 9066.55 on a positive note.

What will happen today? Nifty Index may open on a flat  note to test 9060-9030, if trade and sustain below 9030 then, it may re-test 9000-8950-8920-8875-8840-8805-8755-8710. On the other hand, the immediate resistance seen at 9095-9120, if trade and sustain above 9120 then, it may test 9155-9195-9240-9275-9320-9350. 

Special Mention: As written on Monday, if the Nifty Index moves and closes below 9040 for three consecutive trading sessions it may test 8600-8400 levels, it was closed well below 9040 on Monday and Tuesday but, yesterday being the third day, the Index moved above 9040 and closed above this level, now watch 9060-9160 to trade, sustain and closes above these band may take the Nifty Index to test 9230-9350 very soon. At the same time any weakness below 9040 and further moves and closes below 8800, the weakness-cum-sell-off, may drag the Index till 8600-8425 levels in the near term. Today being a weekly option expiry, can expect a volatile move in the Nifty Index, hence trade with a caution.

Trading Strategy: The Investor/trader may invest once again at 8800-8400 levels, when the Nifty Index trading these ranges in Nifty50 stocks for short term perspective for 10-15% return, it is a traders market, to trade for short term gains, rather to wait for long term basis. The covid19 impact is difficult to measure on the economy in this juncture, must wait for another 2-3 months till then we must wait and watch the further developments. 

For time being, the Index bottemed out at 7500 levels unless, any unexpected worse thing happens in the near term, till then this level may act as a strong support. Please refer our earlier Nifty Special Bulletin dated: 28th Feb'20, 16th Mar'20 and 29th March'20, to read our special bulletin please click this link: https://www.niftytech.in/marketupdate/54

Further details please do call us on 98410 48022 or contact thro' whatsapp: 99624 70636. Please read carefully, the Disclaimer published on the Disclaimer page. Wishing you for a safe and secured trading.