15.10.2020 Thursday, 8.41 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written opened on flat note with negative bias at 11917.40, our expected opening band i.e, 11905-11860, on opening move, it made a day low till our further support level i.e, 11820, thereafter, the Index strongly bounced back till 11997.20 and closed the day at 11971.05 with positive bias.

What will happen today? Nifty Index may open on a flat note to test 11960-11940-11905, if open, trade and sustain below 11905 then, the Index may re-visit 11870-11845-11820-11795-11760-11730-11695-11630 levels. On the other hand, the immediate resistance seen at 11995-12020 if, trade and sustain above 12020 then, the Index may try to test 12045-12075-12120-12150 levels.

Special Mention: Yesterday, the Nifty Index as expected, not able to continue the uptrend move, the technical sell-off dragged the Index till 11822, I was anticipating the down side move till 11790, but the Index took support at 11822 and moved up once again beyond our threshold level i.e, 11970 and closed well above this level. Now, the important question is, whether will it surapss the recent high 12022.05 or once again re-visit the panic bottom i.e, 11822 ?, my simple answer, the way Index traded yesterday, infers that, it may not break 11822-11790 level today, may trade in the range bound with some more consoildation move  between these ranges i.e., 12022-11822 further, move is possible only by breaking these ranges, then the Nifty Index to test on the lower side support levels 11790-11690-11620 and higher level resistance levels 12075-12150-12240 levels in the near term. The option weekly expiry and tomorrow's week-end factor may lead to the higher intraday volatility till tomorrow, trade with caution at the higher levels i,e., near 11970-12000-12070 levels. The moratorium, Interest on Interest waiver case at Supreme court came for further hearing yesterday, the SC panel once again adjourned to 02nd Nov'20. The IT major Infosys yesterday, declared their Q2 (Jul-Sep'20) results, it is up to the market expectation and the Net profit is up by 3.8% on Quarter on Quarter basis.

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.