20.08.2020 Thursday, 8.45 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written, opened on a positive note beyond our resistance band i.e., 11400-11440, made a open and high near 11460 thereafter, the Index was consolidating with narrow range between 11410-11440, the last hour mild weakness dragged the Index till 11394.10 and closed at 11408.40 on a positive note. 

What will happen today? Nifty Index may open on a negative note with gap down by tracking global indices to test 11340-11290 if open, trade and sustain below 11290 then, it may re-test 11265-11220-11210-11195-11145-11115-11065 levels. On the other hand, the immediate resistance seen at 11340-11375, if trade and sustain above 11375 then, the Index may test 11395-11435-11460-11480-11505-11535-11580 levels.

Special Mention: Yesterday, the Nifty Index broken the threshold resistance level i.e, 11440, tested 11460.35, it was unable to sustain above 11440, closed below this level but, able to close above 11375 for the second consecutive trading sessions, today the Index must trade and sustain above 11340-11375, then it may try to re-visit 11440-11460, any upmove above 11460, may lift the Index till 11535-11625-11750 possible levels in the near term. At the same time, the Index trades below 11340-11265, then the weakness cum sell-off may drag the Index once again till 11210-11175, further down side move will pave the way to test 11065-9970 levels very soon, let see how it open and trades at 11340-11290 levels, the weekly option expiry falls today, hence we can expect volatility in the Index today and tomorrow due to week-end factor.

Trading Strategy: Please, the followers/readers keep it your mind, yesterday's subdued session, the lack of participation coupled with low volume and late hour mild sell-off shows the weakness on the Nifty Index, any gap down today and not move above 11460, then the Island reversal formation may drag the Index once again till 11111 levels in the near term, as I written the profit booking area may lies at 11440-11535 levels. The Investor/trader, stay cautious at the higher 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.