03.08.2020 Monday, 8.40 am 

Good Morning followers & readers

What has happened on Friday? Nifty Index, as written and expected opened with positive note at our resistance band i.e, 11115-11150, made a open at 11139.50, thereafter, it made day high exactly our resistance level i.e, 11150, further weakness cum profit booking dragged the Index throughout the day till our support level i.e, 11030, made a day low at 11026.65 and closed at 11073.45 on a negative bias. 

What will happen today? Nifty Index may open on a flat to negative bias to test 11055-11026-10995 if open, trade and sustain below 10995 then, it may re-test 10950-10895-10860-10805-10760 levels. On the other hand, the immediate resistance seen at 11100-11150, if trade and sustain above 11150 then, the Index may re-test 11185-11230-11285-11305-11340 levels.

Special Mention: On Friday, the Nifty Index faced the major weakness at the higher levels and witnessed the sell-off till 11030 and closed well above 11055, today we must watch the Index to sustain above 11055 to take further support at this level else, the weakness cum profit booking may drag the Index till 10950-10860, futher sell-off beyond 10860, may pave the way to test 10755-10560 levels very soon. At the same time if, the Nifty index able to hold 11k levels, may consolidate between 11000-11150 for some time, further rally above 11150, may re-test once again 11240-11285-11340, any close above 11150 for three consecutive trading sessions then, the Index may test 11375-11440-11530-11625 in the near term let see, how it open and trades today.

Trading Strategy: The Investor/trader who booked profit at the higher levels may invest again in Nifty50 stocks, which have lost more than 5-10% last week, when the Nifty Index comes to 10950-10850 levels for a short term gain between 5-10%. This is a traders market, to trade for short term gains, rather to wait for long term basis.

Also, read the Nifty Index weekly outlook, which will help the traders/investors to know about the Index weekly hurdle and support levels and I hope it will give more insight about the Nifty index, to read the weekly outlook please, visiit by using the following link: https://www.niftytech.in/marketupdate/62

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.