29.05.2020 Friday, 8.39 am 

Hi Readers

What has happened yesterday? Nifty Index as expected opened on a positive note at 9365, which was our first resistance zone i.e. 9350-9390, made a day low 9336.50, thereafter, the upward rally taken the Index till our further resistance levels i.e.9530, made a day high 9511.25 and closed the day at 9490.10 on a positive bias.

What will happen today? Nifty Index may open on a flat to mild negative note to test 9460-9430, if trade and sustain below 9430 then, it may re-test 9395-9350-9300-9240-9200-9175-9145-9040. Likewise, the immediate resistance seen at 9510-9550, if trade and sustain above 9550 then, it may test 9585-9655-9710-9765.

Special Mention: Yesterday also the Nifty Index moved up, I have written last week that, if the Index surpass and closes above 9200, for three consecutive trading sessions then, it may test 9430-9600 levels, already 9511 traded till yesterday, we should watch the day high made yesterday i.e 9511, if breaks and sustain above 9511 then, 9585 is the major resistance level to surpass, if moves above 9585 then 9700-9765 is possible in the near term. At the same time if the Index unable to sustain above 9511 then, the weakness may drag till 9330-9250 levels once again, further sell-off below 9250 may drag the Index till 9040 very soon. Today is the weekly cum month end, be cautious at the higher levels.

Trading Strategy: The Investor/trader may book profit if the Nifty index not trade and above 9511-9585, 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.