23.09.2020 Wednesday, 8.36 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as written and expected, opened flat note at 11301.75, near our expected opening band i.e, 11270-11315, it made a day high also near open at 11302.20 thereafter, the intra sell-off dragged the Index till our support level i.e., 11070, made low at 11084.65, taken a good support at this level and moved up once again till 11250 with high volatility, the Index dragged down once again near day low and closed the day at 11153.65 on a negative bias.

What will happen today? Nifty Index may open on a flat to negative note by tracking the global indices to test 11150-11115, if open, trade and sustain below 11115 then, the Index may test 11085-11060-10995-10960-10920-10885 levels. On the other hand, the immediate resistance seen at 11185-11220 if, trade and sustain above 11220 then, the Index may try to re-test 11250-11275-11300-11345-11385-11450 levels.

Special Mention: Yesterday, I have written that, if the Nifty Index should re-again above 11285, though it opened at 11300 but unable to sustain this levels and dragged down near our next important threshold support level i.e, 11070-11065 and closed well below 11285, being the first trading session, we should see how it trades and close today and tomorrow, if the Index closes below 11285 then, it could test 11065-10995-10885 levels in the near term. At the same time, if the Index moves and closes above 11285-11300, for three consecutive trading sessions, then it may re-test 11385-11450-11585 levels. Let see, how it opens and trade near 11150-11115, the F&O expiry falls tomorrow, the volatility already rised, hence, the Nifty Index will trade with volatile move 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, premium price valuation (PE) and Q1 India Inc., dismal performance were ignited the trigger for this sell-off, it looks the Index may take support at 11065-10995-10885 for time being.

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.