27.08.2020 Thursday, 8.39 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written, opened on a positive bias at 11512.85, our resistance band i.e,,11495-11515, made a high 11515, thereafter, the Index moved down till our support band i.e, 11460-11423 made a day low at 11461.85, further the late hour upmove lifted the Index till 11561.75 and closed at 11549.60 on a positive bias. 

What will happen today? Nifty Index may open on a flat note either on a mild negative bias or with positive bias to test 11560-11590 if open, trade and sustain above 11590 then, it may test 11625-11660-11690-11750 levels. Likewise, the immediate support lies at 11535-11500, if trade and sustain below 11500 then, the Index may re-test 11460-11430-11410-11390-11360-11340-11290 levels.

Special Mention: Yesterday, the Nifty Index surpassed the long awaited threshold level i.e, 11535, I am referring this level quite some time, it is none other than, the gap down level made on 27th Feb'20, now all the upside gaps are filled, also the Index tried and closed three consecutive trading sessions above 11460, today it should cross 11560-11585 then only, further upmove is possible to test 11625-11750 either this week or next week. At the same, the weakness seen only below 11460-11410, if the Index moves below 11410 then, the sell-off may drag the Index once again till 11360-11290 levels at any time, either today or tomorrow the techincal sell-off may expect till 11360-11290, let see how it open and trades today at 11535-11560 levels, as expected the volatility already in rising mode due to the F&O expiry and week-end factor on tomorrow. 

Trading Strategy: Please, the followers/readers keep it your mind, though the Nifty Index tested strong resistance level i.e., 11535, but it must sustain and moves further above this level to continue the upward bias, also the profit booking area may lies at 11535-11625 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.