04.06.2020 Thursday, 8.43 am 

Hi Readers

What has happened on Yesterday? Nifty Index as expected opened on a positive bias with gap up beyond our first level resistance band i.e.10035-10080, made a high exactly at our threshold level i.e. 10159 thereafter, the profit booking cum sell-off dragged the Index till 10065, further the volatile move lifted the Index with consolidation move and tested 10176, but the last hour weakness cum sell-off dragged the Index till 10035.55 and closed the day at 10061.55 on a positive bias.

What will happen today? Nifty Index may open on a flat note to test on higher side 10085-10120, if trade and sustain above 10120 then, it may test 10160-10185-10215-10260-10295-10335. Likewise, the immediate support lies at at 10035-9995, if trade and sustain below 9995, it may re-test 9945-9890-9845-9805-9775-9705.

Special Mention: The Nifty Index moved up yesterday as written and tested 10176 and closed well above 9970, being the second consecutive trading sessions, the Nifty index closed above 9970, today watch this level it must surpass 10176 and close above 9970 today also, then it may test 10300-10500 in the near term. Yesterday high and low is very important levels to watch, further trend may emerge by breaking these levels either side. Yesterday's the last hour sell-off infers and shows the weakness in Nifty index to test 9880-9700 levels very soon i.e. today or tomorrow. The weekly option expiry falls today, as expected and written yesterday the brief profit booking dragged the Index from 10176 to 10035, today and tomorrow also it may continue the profit booking till 9900-9700, let us wait and watch how it trades today at 10k mark, the FIIs continued their buying spree in the Indian equity market, which helped the Nifty index to test beyond 10k mark.

Trading Strategy: The Investor/trader may book full profit if the Nifty index not closes above 9970-10200, 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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