01.10.2020 Thursday, 8.36 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written opened on flat to positive note at 11244.45, which was below our expected opening band i.e, 11280-11305, it made a high at 11246 thereafter, the mild intra sell-off dragged the Index till our support level i.e, 11185, made a day low at 11184.55, the Index took strong support at 11185 and strongly re-bounded till 11295.40 and closed the day at 11247.55 on a flat to positive note.

What will happen today? Nifty Index may open on positive note to test 11305-11335-11375, if open, trade and sustain above 11375 then, the Index may re-test 11410-11440-11480-11525 levels. On the other hand, the immediate support lies at 11285-11260 if, trade and sustain below 11260 then, the Index may try to test 11220-11185-11155-11110-11050 levels.

Special Mention: Yesterday, the Nifty Index moved down once again till our threshold level i.e., 11185, but not broken this level, further it moved near 11300, unable to surpass above 11305, I expected and written yesterday that the Index will try to close either above 11300 or at least above 11200, the Index closed 11247.55, for the last three trading sessions, it was trying to surpass above 11300, but unable to do so, whenever it moved to this level, the sell-off dragged till 11185, to-day I hope the Index may open and trade above 11300, since it was closed three consecutive trading sessions above 11185, as i wrote in the daily update dated 28th Sep'20, the Index as written tested 11300, now the next resistance seen 11335-11375 levels, if trades above 11375 then it may test 11440-11525 levels very soon. At the same time, if fails to move above 11335-11375, any weakness below 11300, then the Index may re-test 11185-11100-10960-10880-10790 levels in the near term. Let see, how it opens and trade at 11305-11335-11375 levels. The RBI bi-monthly meet which is scheduled today, postponed without any further date, the RBI may announce later, further the long week-end due to Friday is a trading holiday on account of Father of Nation Gandhiji jayanthi, the week-end and option expiry, may lead the Nifty Index to trade with volatility,  please be cautious. 

Trading Strategy: The followers/readers, who invested last week at 10800 levels in Nifty with medium term perspective, try to start partial profit booking 10-15% return, since  the Nifty may face hurlde to surpass 11300-11500 levels.

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.