09.10.2020 Friday, 8.33 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written opened on positive note at 11835.40, our expected opening band i.e, 11794-11835, on opening move, it made a low at 11825 thereafter, the Index rallied till noon near to the threshold resistance level i.e, 11870-11905, made a day high at 11905.70, further the late hour mild sell-off due to weekly option expiry dragged the Index till 11791 and closed the day at 11834.60 on a positive bias.

What will happen today? Nifty Index may open on a flat to positive note to test 11850-11870-11905, if open, trade and sustain above 11905 then, the Index may test 11935-11995-12030-12070 levels. On the other hand, the immediate support lies at 11795-11760 if, trade and sustain below 11760 then, the Index may try to re-visit 11680-11630-11560-11590-11565-11505 levels.

Special Mention: Yesterday, the Nifty Index continued to move further, as expected above our threshold level i.e., 11870, it made a day high at 11905 and closed well above 11795, today, the Index should not move below 11795-11760 and it must break and sustain above 11870-11905 then, the Index may test 11930-11990-12070 levels in the near term. At the same time, if fails to move above 11870-11905, any weakness below 11795, then the Index may re-visit 11760-11695-11620-11565-11505-11450 levels very soon. Let see, how it opens and trade at 11870-11905 levels, a brief technical sell-off may expect any time till 11630-11545, may be today or monday it is possible. The RBI bi-monthly decision on the repo rate will be announced today. The RBI event and week-end factor, may impact the market with high volatility, the India Vix is already in positive side, trade with caution at the higher levels i,e., near 11870-11930 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.