06.08.2020 Thursday, 8.42 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as written and expected opened with positive note beyond our resistance band i.e, 10990-11115-11140, made a open 11155, thereafter, it moved above and tested 11225, made a high at 11225.65 further, the profit booking cum sell-off dragged the Index near our support band i.e., 11055-11025, made a day low 11064.05 and closed at 11101.65 on flat to positive note. 

What will happen today? Nifty Index may open on a flat to negative note by tracking global indices to test 11090-11060 if open, trade and sustain below 11060 then, it may test 11020-10990-10960-10890-10860 levels. Likewise, the immediate resistance seen at 11125-11150, if trade and sustain above 11150 then, the Index may re-test 11185-11225-11240-11285-11320-11340-11375 levels.

Special Mention: Yesterday, though the Nifty Index broken 11150 and tested 11225, but unable to surpass above 11240 and got sold-off once again till 11064, it infers that the weakness at the higher level and the Index closed well below 11150, today being an important day due to option weekly expiry and coupled with RBI policy meet, the Index may take fresh directional move, either to break below 11050 or move above 11240, if able to move above then, the Index may re-test 11340, thereafter 11375-11440 possible levels on the higher side, at the same time any weakness below 11050 then, the Index may test once again 10880-10860, further weakness below 10860, then the next level support lies at 10750-10560 levels. Let see, how it trades after the RBI policy meet, the repo-rate cut may expect 25 bps or it may maintain the status quo, the market already discounted these both the chances and we should watch the tone of RBI Governor about the future economy growth, inflation and any fresh stimulus for the economy revival may impact the market. 

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

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.