07.08.2020 Friday, 8.40 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, contrary to our expectation, opened with positive note with gap up at our resistance level i.e, 11185, made a low 11140, thereafter, it moved till our further resistance level i.e, 11240, made a day high 11256.80 further, the profit booking cum sell-off dragged the Index till 11127 with high volatility moved up once again and closed at 11200.15 on positive note. 

What will happen today? Nifty Index may open on flat note to test 11190-11150 if open, trade and sustain below 11150 then, it may test 11125-11090-11065-11020-10990-10960-10885 levels. On the other hand, the immediate resistance seen at 11210-11260, if trade and sustain above 11260 then, the Index may test 11285-11320-11340-11375-11440 levels.

Special Mention: Yesterday, the Nifty Index  once again broken 11150 and tested 11256 and able to close above 11150, as expected and written RBI maintained status quo on its interest rate policy, the same was already discounted by the market, the volatile move dragged the Inex till 11127 but, it moved once again till 11200, today the Index must surpass above 11250-11285 to test 11340-11375, if able to cross and close above 11340-11375 then, the fresh high till 11440-11530-11620 possible in the near term. At the same time, any weakness below 11125-11060 levels and close below 11060 today and Monday then, it may test once again 10990-10880 very soon. Let see how it opens and trade today, being a week-end the Index must close above 11195 to continue the upward rally or should close below 11060 to continue the sell-off, by next week.

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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