28.08.2020 Friday, 8.46 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written, opened on a positive bias at 11609.30, our resistance band i.e,,11560-11590, made a day high 11617.35, thereafter, the Index moved down till our support band i.e, 11535-11500, made a day low at 11540.60 and closed at 11559.25 on a flat to positive note. 

What will happen today? Nifty Index may open on a positive note to test 11595-11625 if open, trade and sustain above 11625 then, it may test 11640-11665-11690-11750 levels. On the other hand, the immediate support lies at 11560-11540, if trade and sustain below 11540 then, the Index may re-test 11520-11490-11460-11410-11360 levels.

Special Mention: Yesterday, the Nifty Index almost tested our next level resistance level i.e, 11625, I am referring this level quite some time, I have stated in the daily Nifty Index outlook that, any close above 11460 for three consecutive trading sessions then, the Index may test 11535-11625-11750 levels in the near term, this was exactly happened and the Index tested alomost 11625 on the fourth trading session i.e., yesterday, today it should cross 11625-11635 then only, further upmove is intact and possible to test 11675-11750-11870 in the near term. At the same, the weakness now lies only below 11540-11460, if the Index moves below 11460 then, the sell-off may drag the Index once again till 11360-11290 levels very soon, the techincal sell-off is due, to test till 11490-11460-11360, let see how it open and trades today at 11595-11625-11635 levels, today being the week-end factor, it may add fuel to the intraday volatility, please be cautious.  

Trading Strategy: Please, the followers/readers keep it your mind, though the Nifty Index tested next resistance level i.e., 11625-11635, but it must sustain and moves further above this level to continue the upward bias, also the profit booking area may lies now at 11625-11750 levels. The Investor/trader, stay cautious at the higher levels and wait for any dips till 11300-11110 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.