07.10.2020 Wednesday, 8.36 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written opened on positive note at 11603.45, our expected opening band i.e, 11545-11585, it made a day low at 11564.30 thereafter, the Index rallied till our threshold resistance level i.e, 11680, made a day high exactly at 11680.30 and closed the day at 11662.40 on a positive bias.

What will happen today? Nifty Index may open on a flat to positive note by tracking the global indices to test 11680-11710-11735, if open, trade and sustain above 11735 then, the Index may test 11795-11830-11870 levels. On the other hand, the immediate support lies at 11620-11580 if, trade and sustain below 11580 then, the Index may try to re-visit 11530-11485-11450-11405-11380-11305 levels.

Special Mention: Yesterday, the Nifty Index continued to move as expected above our threshold level i.e., 11500, it made a day high at 11680 and closed well above 11620, today, the Index must sustain above 11620 to test 11735-11795-11830-11870 levels in the near term. At the same time, if fails to move above 11680-11735-11795, any weakness below 11620, then the Index may re-visit 11500-11300 levels very soon. Let see, how it opens and trade at 11680-11735 levels, a brief technical sell-off may expect any time till 11450-11300, when will it happen is the queston, may be in couple of days. The RBI is inducted 3 members to the Monetary Policy Committee-MPC, filled the vacancy, the MPC is meeting today for a bi-monthly meet, the Interest rate decision will be announced on 09th Oct'20-Friday. The Q2 (Jul-Sep'20), India Inc., results season already started, the IT major conglomerate TCS is the major kick starts the result season today, the TCS Board may announce the buy back its own shares. This week is more eventful one with high volatile move also, on the card, trade with caution at the higher levels i,e., near 11700-11800-11870 levels.  

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 11680-11870 levels for the time being. Any price correction comes till 11300-11185 then, adopt buy on dips strategy and start re-invest in Nifty50 stocks.

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.