28.05.2020 Thursday, 8.42 am 

Hi Readers

What has happened yesterday? Nifty Index contrary to our expectation opened on a positive note at 9082.20, which was our resistance zone i.e.9070-9110, thereafter, the mild sell-off dragged the Index till 9004, further the non-stop rally lifted the Index throughout the day till our resistance levels i.e.9350, made a day high 9334 and closed the day at 9314.95 on a positive bias.

What will happen today? Nifty Index may open on a positive note to test 9350-9390, if trade and sustain above 9390 then, it may test 9425-9475-9530-9585. On the other hand, the immediate support lies at 9310-9245, if trade and sustain below 9245 then, it may re-test 9175-9140-9110-9080-9040-9005.

Special Mention: Yesterday the Nifty Index surpassed above 9200, tested almost our resistance level i.e.9350 and closed well above 9200, today watch 9350 to trade, sustain above may take the Index till 9425-9585, if the Index closes above 9425 today and tomorrow, the near term target seen at 9585-9660. At the same time if the Index unable to sustain above 9350 and closes below 9178, the weakness cum sell-off may drag the Index once again till 9040 in the near term. The F&O May month contract expiry falls today and monthly closing falls tomorrow, hence the volatility may rule Index, please be cautious at high levels.

Trading Strategy: The Investor/trader may book profit if the Nifty index not trade and above 9350-9425, if invested at 8900-8800 levels. 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.