25.09.2020 Friday, 8.38 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written opened at 11011, which was below our expected opening band i.e, 11050-11025, it made a day high also near open at 11015 thereafter, the strong intra sell-off dragged the Index throughout the day beyod our final support levels i.e., 10830, made low at 10790.20 with a volatile move and closed the day at 10805.55 on a negative note.

What will happen today? Nifty Index may open on a flat to positive note by tracking the global indices to test 10885-10915, if open, trade and sustain above 10915 then, the Index may re-test 10950-10990-11020-11055-11085-11150 levels. On the other hand, the immediate support seen at 10845-11816-10790 if, trade and sustain below 10790 then, the Index may try to test 10770-10750-10720-10690-10635-11570-10550 levels.

Special Mention: Yesterday, was the third trading session for the Nifty Index to close below 11285, as written earlier, it tested all the targets till 10885, further the weakness dragged till 10790 and closed below 10885, today the Index must re-gain above 10885, sustain this level, then only the down ward move will see a halt with the support level of 10790-10760, the threshold level lies at 10770-10750, being the long term simple moving average i.e, 200 DMA, lies at 10762, it must hold the Nifty Index today, any weakness below 10760 then, the Index could test 10660-10550 in the near term. At the same time any up move now possible only above 10885-10990 levels, if the Index closes above 10995 for three consecutive trading sessions then, the Index may try to re-test 11085-11185 levels in the near term. Let see, how it opens and trade near 10880-10915 levels. To-day being a week-end there may be short covering is possible with high volatility and avoid agressive short 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 and dragged the Nifty Index, it looks the Index may take support at 10790-10760 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 10800-10760 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.