13.10.2020 Tuesday, 8.36 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written opened on positive note at 11973.55, our expected opening band i.e, 11940-11970-12010, on opening move, it made a high at 12022.05 thereafter, the Index moved down due to the brief sell-off till our threshold support level i.e, 11870, made day low at 11867.20, further the Index moved up and closed the day at 11930.95 on a positive bias.

What will happen today? Nifty Index may open on a flat note with negative bias to test 11940-11970, if open, trade and sustain above 11970 then, the Index may test 12040-12070-12070-12110-12150-12240 levels. On the other hand, the immediate support lies at 11940-11900-11870 if, trade and sustain below 11870 then, the Index may try to re-visit 11845-11820-11795-11760-11730-11695-11630-11550 levels.

Special Mention: Yesterday, the Nifty Index continued to move further, as expected above our threshold level i.e., 11970 it made a day high at 12022.05, unable to sustain above 12k mark as stated in the Nifty weekly outlook, the weakness cum sell-off dragged the Index till 11870 and closed above 11795 level for the third consecutive trading session, today the Index should sustain above 11940-11970 and it must break above 12022 then, the Index may test 12070-12150-12240 levels in the near term. At the same time, if trades below 11940-11870, any weakness below 11870, then the Index may re-visit 11790-11660-11620-11550 levels very soon. Let see, how it opens and trade at 11939-11970 levels, as stated yesterday that, a brief technical sell-off may expect any time till 11760-11620, it looks the sell-off started yesterday. hopefully it may test 11790-11620. The India IIP date released yesterday, for the month of Aug'20, it was at -8%, when compares with July (-10.80%), slightly some improvements seen in the manufacturing and other activities. The India Vix is already in positive bias, hence the Intraday volatility may rule the Index this week, 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.