What has happened on yesterday? Nifty Index, as expected and written, opened on a positive note at 11464.30, our resistance band i.e,,11390-11430, thereafter, the Index moved up till our further resistance level i.e, 11505, made a high 11510 and got sold-off once again till our support band 11360-11330, made a day low 11366.90, further the intraday volatility lifted the Index till 11553.55 and closed at 11470.25 on a positive note.
What will happen today? Nifty Index may open on a flat to negative note at 11460-11430, if open, trade and sustain below 11430 then, the Index may re-test 11410-11390-11365-11330-11315-11290-11230 levels. On the other hand, the Index may open at 11495-11510, if trade and sustain above 11510 then, it may re-test 11532-11555-11590-11605-11634-11655-11685 levels.
Special Mention: Yesterday, the Nifty Index took support at 11360 and 11560 level acted as stiff resistance, the Index made an inside pattern which shows the range bound move, as I written yesterday's outlook stated that the Index may trade between 11300-11870 for time being, today the Index must break 11560 on the upperside to test 11685-11735-11800 and today it must close above 11560 if the Index able to close above 11560 for three consecutive trading sessions then, it will test 11800-11870 in the near term. At the same time, the weakness now lies only below 11370-11330-11290, further move below 11290, then the Index may re-test 11190-11111-11060 levels very soon. As expected the volatility moved up yesterday and today to till Friday, it may be in rising mode due to Option Weekly expiry and week-end factor falls on Friday.
Trading Strategy: The followers/readers, those who invested in yesterday fall till 11360 levels, you can start partial booking profit if the stocks which you have bought gives the profit 5-10% for the short term gain.
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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