08.06.2020 Monday, 8.36 am 

Hi Readers

What has happened on Friday? Nifty Index as expected opened on a flat note and made a high point at 10140 thereafter, the profit booking cum sell-off dragged the Index till first level resistance level 10085-10045, made a low at 10040.75, further the volatile move lifted the Index once again till the threshold level 10176 made a high 10177.80 and closed the day at 10142.15 on a positive bias.

What will happen today? Nifty Index may open on a positive note with a gap up by tracking the global indices to test 10260-10295 if trade and sustain above 10295 then, it may test 10335-10400-10470-10550. On the other hand, the immediate support lies at 10220-10195, if trade and sustain below 10195, it may re-test 10175-10140-10085-10040-10100-10065-9985-9945.

Special Mention: The Nifty Index unable to break below 10k mark on Friday and closed well abvoe 10000 at the same time it was unable to trade and sustain above 10177, today if the Nifty Index able to cross and sustain above 10260, as written earlier it may test 10300-10550 very soon. At the same time if, break and closes below 10000-9940 for three consecutive trading sessions then it may test 9900-9600 levels in the near term, let us wait and watch how it trades today at 10260. Please be cautious in this rally it is purely a pull back in nature and trap the traders and Investors, it may even take the Index beyond 10550, if closes above 10550 for three consecutive sessions then, it may test 11000-11300 before June'20. I have my own doubt that once again a major sell-off is possible during July-August, the Covid-19 is spreading across the nation once again, the death rate is also going up, since more lock down relaxation is underway, we will pray the god almighty to save the people from this pandemic, across the nation and world too.

Trading Strategy: The Investor/trader may start to invest once again at 9600-9100 level in the Nifty index, for short term perspective to gain 10-15% in Nifty 50 stocks. This 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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