03.06.2020 Wednesday, 8.40 am 

Hi Readers

What has happened on Yesterday? Nifty Index as expected opened on a flat with positive bias at our support level i.e.9830-9790 band, made a day low 9824.05 thereafter, the upward rally taken the Index throughout the day and surpassed our threshold level 9970, made a high 9995.60 and closed the day at 9979.10 on a positive bias.

What will happen today? Nifty Index may open on a positive note with mild gap up by tracking global indices to test 10035-10080, if trade and sustain above 10080 then, it may test 10105-10159-10185-10260-10295. On the other hand, the immediate support lies at at 9970-9930, if trade and sustain below 9930, it may re-test 9890-9845-9825-9785-9730-9705.

Special Mention: Yesterday also, the Nifty Index moved up as written and tested 9970 and closed well above 9970, further move above 9970, if sustain and closes above this level today and tomorrow, may lift the Index till 10160-10300-10500 in the near term, the Nation wide lock down relaxation gives the hope for economy recovery alongwith global positive sentiment also help the Nifty Index to break 10k mark and five digit trading today, we should watch, whether the Index able to trade, sustain and closes above 10k mark today, if fails to close above 9970-10000, then the weakness cum sell-off may drag the Index till 9700-9500 level very soon. The weekly option expiry falls tomorrow, hence we may expect more volatility and a brief profit booking is possible either today or before Friday till 9880-9700, let us wait and watch how it trades today at the high levels, the FIIs turned as a strong net buyer in the Indian equity market, which helped the Nifty index to test 10k mark.

Trading Strategy: The Investor/trader may book full profit if the Nifty index not closes above 9970-10000, 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. 

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