04.08.2020 Tuesday, 8.47 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as written and expected opened with a flat to negative note at our support band i.e, 11055-11026-10995, made a open and high near 11058.85, thereafter, further weakness cum profit booking dragged the Index throughout the day till our further support levels i.e, 10895-10860, made a day low at 10882.25 and closed at 10891.60 on a negative bias. 

What will happen today? Nifty Index may open on a positive note by tracking the global indices to test 10940-10990 if open, trade and sustain above 10990 then, it may re-test 11020-11055-11085-11120-11150-11185-11240 levels. Likewise, the immediate support lies at 10880-10860-10830, if trade and sustain below 10830 then, the Index may test 10770-10740-10700-10670 levels.

Special Mention: Yesterday, the Nifty Index continued its selling pressure and as expected and written tested our support level near 10860, made a low 10882 and closed well below 11k mark, if the Nifty index break 10860-10830 and close below 10860 for three consecutive trading sessions then, the Index may re-test 10750-10655-10560 levels very soon. It looks the Index may consolidate one or two trading sessions at 10860-11055, before it break 10830 to move down further. At the same time, the immediate hurlde lies at 11060 levels, if the Index surpass this level and close above then, it may try to re-test 11150-11240-11340 once again, further rally above 11340, then the next hurdle seen at 11380-11440-11530 levels, let see how it open and trades today. This week we can expect volatile move due to option weekly expiry and RBI Policy meet is scheduled on 06th Aug-Thursday.

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%, those who invested in Nifty50 stocks try to start booking the profit partially for 5-10% return, when the Nifty Index moves to 11050-11250.  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.