31.08.2020 Monday, 8.43 am 

Good Morning followers & readers

What has happened on Friday? Nifty Index, as expected and written, opened on a positive bias at 11602.95, our resistance band i.e,,11595-11625, made a day low 11589.40, thereafter, the Index moved up near our further resistance level i.e, 11690, made a day high at 11686.05, further the mild weakness dragged down the Index till 11618 and further the volatile move lifted the Index once again near day high and closed at 11647.60 on a positive note. 

What will happen today? Nifty Index may open on a positive note with gap up by tracking the global indices to test 11710-11750 if open, trade and sustain above 11750 then, the Index may test 11785-11810-11840-11870-11885 levels. Likewise, the immediate support lies at 11650-11620, if trade and sustain below 11620 then, the Index may re-test 11590-11560-11540-11520-11485-11460 levels.

Special Mention: On Friday, the Nifty Index surpassed our next level resistance level i.e, 11635, I am referring this level for 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 corssed 11635 and closed well above 11635 on Firday, today it looks the Index will open with a gap up to test 11710-11750, the Reliance Industries may help the Index to test this level, since the RIL has acquired Rs 24,713 crore, a minority stake in the Kishore Biyani-led Future Group, through its subsidiary Reliance Retail, this news came out on yesterday, which will help the RIL stock to open with positive bias. Let see how the Nifty open, sustain and trades above 11710-11750, today if the Index close above 11750, then the next level resistance lies at 11870-11910. At the same, the weakness now lies only below 11590-11540, if the Index moves below 11540 then, the sell-off may drag the Index once again till 11460-11360-11290 levels in the near term, pelase note that the techincal sell-off is due, to test till 11590-11540 at any time either by today/tomorrow or at least by this week-end. Today after market hours the Q1 GDP data is expected. the intraday volatility may rise, please be cautious at the higher levels.  

Trading Strategy: The followers/readers please watch 11750-11870-11910, being the next level hurdle to surpass, any weakness at 11750-11870 then, the profit booking possible for 2-3 trading sessions, stay cautious at the higher levels and wait for any dips till 11460-11360-11290 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

Further details please do call us on 98410 48022 or contact thro' whatsapp: 99624 70636. Please read carefully, the Disclaimer published on the Disclaimer page.

Wishing you for a safe, secured and profitable trading.