19.08.2020 Wednesday, 8.37 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written, opened on a positive note near our resistance band i.e., 11260-11285, made a open and low near 11253 thereafter, the Index was consolidating till 2 pm, the last hour upmove lifted the Index till 11401.70 and closed at 11385.35 on a positive note. 

What will happen today? Nifty Index may open on a positive note to test 11400-11440 if open, trade and sustain above 11440 then, it may test 11475-11500-11535-11580-11620 levels. Likewise, the immediate support lies at 11375-11340, if trade and sustain below 11340 then, the Index may re-test 11310-11265-11230-11210-11175 levels.

Special Mention: Yesterday, the Nifty Index broken the threshold resistance level i.e, 11375, tested 11401.70 and closed well above 11375, today the Index must trade and sustain above 11400-11440, then it may test 11475-11535-11625, if the Index closes above 11375 levels today and tomorrow then, 11535-11625-11750 possible levels in the near term. At the same time, the weakness cum sell-off at 11400-11440 levels, it may re-test 11340-11260 once again, further down move below 11260, may drag the Index till 11175-11140, any close below 11260 today and tomorrow, the Index may re-test 11111-11040-10940 levels very soon, let see how it open and trades at 11400-11440 levels, the weekly option expiry falls tomorrow, hence we can expect volatility in the Index today, till Friday.

Trading Strategy: The Investor/trader, stay cautious at the higher levels, the profit booking zone lies around 11440-11535 levels and wait for any dips till 11140-11060-10940 to invest in Nifty50 stocks for the short term gain of 5-10% return. Avoid agressive long position in F&O segment. 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.