22.09.2020 Tuesday, 8.46 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as written and expected, opened on a negative note at 11503.80, above our expected opening band i.e, 11475-11446 thereafter, it was exactly tested our support level 11475, made low at 11477, further the Index moved near our resistance level i.e, 11545, made a day high at 11535.25 and it was consolidating till noon session, the global weakness triggered a big intra sell-off cum profit booking dragged the Nifty Index beyond 11285 levels and made a day low 11218.50 and closed at 11250.55 on a negative bias.

What will happen today? Nifty Index may open on a flat note by tracking the global indices to test 11270-11315, if open, trade and sustain above 11315 then, the Index may re-test 11340-11370-11385-11420-11445-11500-11535-11585 levels. On the other hand, the immediate support lies at 11255-11218 if, trade and sustain below 11218 then, the Index may try to test 11185-11145-11111-11070-10995 levels.

Special Mention: Yesterday, I have written that, if the Nifty Index if breaks the important threshold  level i.e,11385, then the breakdown below this level will give a new directional shift to test 11285-11185-11111 levels, as expected, the Index, succumbed by the global selling pressure and tested 11218.50 and closed well below 11385. Today, the Nifty Index must re-gain above 11285 and sustain above this level then it may try re-test 11385-11450-11585 else, any close below 11285 for three consecutive trading sessions then. the weakness may drag the Nifty Index to re-visit 11111-10990-10880 levels very soon. Let see how it opens and trade near 11285, the F&O expiry falls this week, the volatility may rise and avoid agressive long positions. The large cap stocks are under selling pressure due to the recent SEBI circular on multicap asset allocation, the global sell-off and premium price valuation, were ignited the trigger for this global sell-off.

Trading Strategy: The followers/readers, try low PE mid-cap and selective Nifty50 stocks with medium term perspective, when the Nifty once again trading near 11200-10900 levels for 10-20% return.

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.