08.10.2020 Thursday, 8.39 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written opened on positive note at 11679.25, our expected opening band i.e, 11680-11710-11735, on opening move. it made a day low at 11629.35 thereafter, the Index rallied near to the threshold resistance level i.e, 11795, made a day high at 11763.05 and closed the day at 11738.85 on a positive bias.

What will happen today? Nifty Index may open on a flat to positive note to test 11794-11835, if open, trade and sustain above 11835 then, the Index may test 11870-11905-11935-11990 levels. On the other hand, the immediate support lies at 11720-11690 if, trade and sustain below 11690 then, the Index may try to re-visit 11670-11625-11590-11565-11530-11500 levels.

Special Mention: Yesterday, the Nifty Index continued to move further, as expected above our threshold level i.e., 11620, it made a day high at 11763 and closed well above 11620, today, the Index must break 11795-11835 and sustain above 11795 then, the Index may test 11870-11930-11990-12070 levels in the near term. At the same time, if fails to move above 11795-11835-11870, any weakness below 11680, then the Index may re-visit 11620-11535-11300 levels very soon. Let see, how it opens and trade at 11795-11835 levels, a brief technical sell-off may expect any time till 11535-11450-11300, when will it happen is the queston, may be today or tomorrow the brief sell-off is possible. The RBI bi-monthly decision on the repo rate will be announced tomorrow i.e., 09th Oct'20-Friday. The Q2 (Jul-Sep'20), India Inc., results season already started, the IT major conglomerate TCS, kick started the result season yesterday, the Q2 numbers were met the street expectation, also the TCS Board announced the buy back its own shares worth of Rs.16000 crores. The weekly option expiry, RBI repo rate decision and tomorrow's week-end factor, may impact the market with high volatility, already yesterday itself, the volatility ruled the market, the India Vix is already in positive side, trade with caution at the higher levels i,e., near 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 11795-11870 levels for the time being. Any price correction comes till 11500-11300-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.