16.10.2020 Friday, 8.33 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, contrary to our expectation opened with mild gap up at 12023.45, our expected higher level opening band i.e, 11995-12020, on opening move, it made a day high at 12025.45, thereafter, the Index witnessed a strong profit booking cum sell-off beyond our threshold support level i.e.,11790 and made a day low 11661.30 and closed the day at 11680.35 with negative bias.

What will happen today? Nifty Index may open on a positive note with gap up by tracking the global indices to test 11740-11790, if open, trade and sustain above 11790-11800 then, the Index may re-visit 11840-11870-11905-11940-11970-12025 levels. On the other hand, the immediate support lies at 11695-11660 if, trade and sustain below 11660 then, the Index may try to test 11620-11560-11520-11480-11400 levels.

Special Mention: Yesterday, the Nifty Index, though it made a new high point 12025, but unable to move above this level, the long awaited technical sell-off dragged the Index till our support levels i.e, 11690-11620, made a day low 11661, I have written yesterday, the Nifty Index may not break the ranges i.e, on the higher side 12022 and lower side support level 11822-11790, but the sell-off dragged the Index beyond the support level, till 11661 and closed will below 11690 levels. Today, the Index may try to test 11740-11790 on the opening move, further rally above 11790-11800, may lift the Index to re-test 11840-11870-11905-11970 levels. At the same time the good support seen at 11660-11620, any weakness below 11620 then, the Index may test 11550-11430-11300 levels in the near term. The week-end factor will play a major role, may be some week-end short covering also possible till 11900, the Index may trade with higher intraday volatility. 

Trading Strategy: The followers/readers, as expected the Nifty Index moved almost near 11600, start invest in Nifty50 stocks partially and further buy in cash segment till 11500-11300 levels in the Nifty Index, if trades with medium term perspective for the short term gain 10-15% return, since  the Nifty may take support 11600-11300 levels for the time being. 

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.