05.08.2020 Wednesday, 8.37 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as written and expected opened with positive note at our resistance band i.e, 10940-10990, made a open 10946.65, thereafter, it made a high at 10970 further, a mild sell-off dragged the Index till 10908.10, by taking the support at this level, the Nifty index rallied throughout the day near our resistance level i.e, 11120, made a day high till 11112.25 and closed at 11095.25 on a positive bias. 

What will happen today? Nifty Index may open on positive note to test 11090-11115-11140 if open, trade and sustain above 11140 then, it may re-test 11165-11185-11210-11240-11290-11340 levels. On the other hand, the immediate support lies at 11055-11025, if trade and sustain below 11025 then, the Index may test 10990-10960-10910-10880-10830 levels.

Special Mention: Yesterday, the Nifty Index not broken 10900 level, I have written that, the Nifty Index may consolidate around 10860-11055 for one or two trading sessions before it moves below 10830, as expected it did not break 10860, but it broken 11055 and moved till 11112 and closed well above 11055, if the Index closes above 11055-11150 for another two trading sessions then, the Index may re-test 11240-11280-11340 once again, further rally above 11340, then the next hurdle seen at 11380-11440-11530 levels. At the same time if the Index fail to surpass 11150 today, then the weakness once again drag the Index till 11055-10990, further weakness below 10990, may drag it to 10880-10830, 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 in the near term, 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 tomorrow, 06th Aug-Thursday.

Trading Strategy: The Investor/trader, those who invested in Nifty50 stocks at 10900 levels, try to start booking the profit for 5-10% return, when the Nifty Index moves to 11150-11250-11340. 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

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