12.10.2020 Monday, 8.43 am 

Good Morning followers & readers

What has happened on Friday? Nifty Index, as expected and written opened on positive note at 11852.05, our expected opening band i.e, 11850-11870-11905, on opening move, it made a low at 11825 thereafter, the Index rallied till our threshold resistance level i.e, 11905, further a mild sell-off dragged the Index till 11805, made day low at 11805.20, the late hour strong pull back lifted the Index once again beyond 11905, made a day high at 11938.60 and closed the day at 11914.20 on a positive bias.

What will happen today? Nifty Index may open on positive note with gap up by tracking the global indices to test 11940-11970-12010, if open, trade and sustain above 12010 then, the Index may test 12040-12070-12070-12110-12150 levels. On the other hand, the immediate support lies at 11900-11870 if, trade and sustain below 11870 then, the Index may try to re-visit 11840-11790-11760-11695-11620 levels.

Special Mention: On Friday, the Nifty Index continued to move further, as expected above our threshold level i.e., 11870, it made a day high at 11938.60 and took support near 11795 and closed well above this level for the second consecutive trading session, today the Index should sustain above 11939-11970 and it must break above 11970 then, the Index may test 12010-12030-12070-12110-12150 levels in the near term. At the same time, if trades below 11870-11790, any weakness below 11790, then the Index may re-visit 11760-11620-11550 levels very soon. Let see, how it opens and trade at 11939-11970 levels, a brief technical sell-off may expect any time till 11760-11620, may be today or this week is possible. The India Inc., Q2(Jul-Sep'20) results are expected, especially Wipro is declaring their results today, also IIP data is expected today, after the market hours, the India Vix is already in positive side, trade with caution at the higher levels i,e., near 11939-11970-12000 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 11970-12010 levels for the time being. Any price correction comes till 11600-11300 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.