12.08.2020 Wednesday, 8.40 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written, opened on a positive note with gap up near our resistance band i.e., 11340-11375, made a open at 11322.25 thereafter, the Index moved till our threshold level i.e., 11375, made day high 11373.60, further the sell-off dragged the Index till our support band i.e, 11340-11300, made a day low 11299.15 and closed at 11322.50 on positive note. 

What will happen today? Nifty Index may open on a flat to negative note by tracking global indices to test 11310-11280 if open, trade and sustain below 11280 then, it may re-test 11255-11240-11205-11170-11140-11125 levels. Likewise, the immediate resistance seen at 11340-11375, if trade and sustain above 11375 then, the Index may test 11395-11435-11465-11495-11535 levels.

Special Mention: Yesterday, the Nifty Index almost tested our major threshold level i.e., 11375 and got sold-off till 11300, but closed well below 11340, as written yesterday, the Index failed to surpass 11375 and not able to close above 11340, which shows and infers a weakness at higher level, no convincing move with volume not seen, it looks the Index once again to consolidate with negative bias to trade between 11375-11150 levels. Today it seems, the Index may try to take support at 11240, any weakness only below 11240 levels, may drag the Index till 11170-11125. At the same time if, the Index take support at 11270-11240, then it may try to move above 11340-11375, as stated earlier if, the Index able to close above 11340-11375 today and tomorrow then, it may test 11435-11535 levels in the near term, let us wait and watch how it open and trade today. The weekly option expiry falls tomorrow, hence the volatility may rise from today, until Friday, please trade with caution at the higher levels and safe trader avoid long position.

Trading Strategy: The Investor/trader, those who invested in Nifty50 stocks at 10900 levels, try to book the profit for 5-10% return, when the Nifty Index moves to 11375-11435. 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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Wishing you for a safe, secured and profitable trading.