17.07.2020 Friday, 8.43 am 

Hi Readers

What has happened on yesterday? Nifty Index, contrary to our expectation opened with gap up near our resistance band i.e., 10670-10710, made the opening at 10706.20, thereafter, the sell-off dragged the Index till our support band i.e., 10620-10575, made a day low at 10595.20, further the Index was consolidating till 2.45 pm with narrow range, the last hour rally lifted the Index till our further resistance level i.e, 10755, made a day high exactly at 10755.20 and closed at 10739.95 on a  positive note. 

What will happen today? Nifty Index may open on a positive note with mild gap up to test 10755-10770 if open, trade and sustain above 10770 then, it may re-test 10795-10830-10850-10890-10940-10990-11040-11085 levels. Likewise, the immediate support lies at 10725-10690, if trade and sustain below10690 then, the Index may test 10630-10600-10555-10505-10460 levels.

Special Mention: Nifty Index, yesterday once again moved near our threshold level i.e., 10555, but made low at 10595 and took strong support, further it moved up till 10755, as stated yesterday it was unable to surpass and close above 10755, watch today to surpass and sustain above 10770 then, the Index may test 10825-10895 once again, further the close above 10770 for three consecutive sessions then, 10875-10895 will act as strong resitance, 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. At the same time further wekaness only if, the Index breaks 10555 and closes below today and Monday then, the weakness cum sell-off may drag the Index till 10410-10330-10200 levels by next week. Watch the long term simple Daily Moving Average i.e., 200 DMA, which now lies at 10874. Let see how it open and trades today, volatility may be rule the Index today, due to the week-end.

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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