17.06.2020 Wednesday, 8.39 am 

Hi Readers

What has happened on yesterday? Nifty Index as expected opened on a positive bias with a gap up at our resistance band i.e. 9970-10030, made a day high at 10046.15 thereafter, the sell-off dragged the Index till noon session, made a day low at 9728.50, which is was our support level i.e. 9730, further volatile move lifted the Index till 9940 and closed the day at 9914 on a positive note. 

What will happen today? Nifty Index may open on a negative bias with a mild gap down to test 9885-9840, if open, trade and sustain below 9840 then, it may re-test 9805-9730-9670-9620-9545. Likewise, the immediate resistance seen at 9920-9970, if trade and sustain above 9970 then, it may test 10010-10045-10080-10145-10195-10260.

Special Mention: The Nifty Index as expected and written yesterday able to cross our threshold level 9970 and tested 10045, but the weakness cum sell-off dragged once again to 9730 and taken a support and bounced back, but failed to close above 9970, being the second trading session it has closed below 9970, we must watch today if trades below 9730 and closes below 9970 then the wekaness may drag the Index till 9545-9400 very soon. At the same time if, the Nifty index closes above 9970 for three consecutive trading sessions then it may re-test 10150-10260-10330, further upmove above 10330, then it may test 10500-10550 levels, let us wait and watch how it trades today. The Option weekly expiry falls tomorrow, already the volatility on the rising mode, we may witness more voaltility today and tomorrow hence, traders are advised to trade with due caution. It looks for the time being, the Nifty Index may trade between in a broad range bound between 10330-9545.

Trading Strategy: The Investor/trader may Invest once again on the Nifty50 stocks, when the Nifty index trades near 9500-9400 levels for a short term gain around 5-10%. 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. 

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.