16.07.2020 Thursday, 8.40 am 

Hi Readers

What has happened on yesterday? Nifty Index, as written and expected opened on a positive note with gap up beyond our resistance band i.e.,10630-10675, thereafter, the till noon-session it was moved up till our further resistance level i.e, 10820, made a day high 10827.45, further the profit booking cum sell-off dragged down the Index till 10577.75 and closed at 10618.20 on a flat to positive note. 

What will happen today? Nifty Index may open on a flat note to test 10620-10575 if open, trade and sustain below 10575 then, it may test 10555-10510-10450-10410-10360-10330-10280 levels. On the other hand, the immediate resistance seen at 10675-10710, if trade and sustain above 10710 then, the Index may re- test 10755-10780-10825-10850-10895-10935-10990 levels.

Special Mention: Nifty Index, yesterday though it moved up and re-tested 10827 but, the sell-off at the higher levels dragged once again till 10577, today we must watch whether, the Index able to sustain at 10555 levels, further sell-off below 10555 then, the weakness may drag the Index till 10450-10330-10200 in the near term. At the same time if, the index moves above 10755 and closes above 10755-10770 once again may try test 10850-10890 levels, further the Index, as stated last week may take fresh directional upmove till 11375-11615, if it closes above 10895 for three consecutive trading sessions. Also remember, I wrote last week it self, it is not so easy to surpass and closes above the long term simple Daily Moving Average i.e., 200 DMA, which now lies at 10878. Let see how it open and trades today since, the Option weekly expiry falls today, the voaltility may rule the market today and tomorrow being a week-end too.

Trading Strategy: The Investor/trader may Invest partially in the equity segment especially in the Nifty 50 stocks if, the Nifty index does not break below 10550 levels or at 10330-10200 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.

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