06.10.2020 Tuesday, 8.45 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written opened on positive note at 11487.80, our expected opening band i.e, 11420-11440-11480, it made a low at 11485 thereafter, the Index rallied till our resistance level i.e, 11570, made a day high at 11578.05, further the intra minor sell-off dragged the Index once again till our support level i.,e 11440, made a day low 11452.30 and closed the day at 11503.35 on a positive bias.

What will happen today? Nifty Index may open on a positive note by tracking the global indices to test 11545-11585, if open, trade and sustain above 11585 then, the Index may re-test 11615-11680-11735-11794 levels. On the other hand, the immediate support lies at 11500-11450 if, trade and sustain below 11450 then, the Index may try to re-visit 11420-11375-11340-11305-11250-11180 levels.

Special Mention: Yesterday, the Nifty Index continued to move as expected above our threshold level i.e., 11440, it made a day high at 11578, the Intraday sell-off cum weakness dragged, but not broken 11440, made a day low 11452, bounced back and closed  well above 11500, it infers that, the Index may sustain above 11500 to test 11585-11620-11680-11735-11795 levels in the near term. At the same time, if fails to move above 11585-11620, any weakness below 11440, then the Index may re-test 11350-11300-11250-11180 levels very soon. Let see, how it opens and trade at 11545-11585 levels, a brief technical sell-off may expect any time till 11300, when will it happen is the queston, may be in couple of days. The Supreme court adjourned further hearing to 13th Oct'20, on the moratorium period Interest on Interest waiver, levied by the Banking Institutions on the borrowers,  since, the Union Government is filing an additional affidavit in a day or two.  Q2 (Jul-Sep'20), India Inc., results are awaited, the IT major conglomerate TCS is kick starts the result season tomorrow, the TCS Board may announce the buy back its own shares tomorrow.   

Trading Strategy: The followers/readers, who invested last week at 10800 levels in Nifty with medium term perspective, try to book profit 10-15% return, since  the Nifty may face hurlde to surpass 11600-11800 levels for the time being.

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.