22.10.2020 Thursday, 8.41 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected opened on positive note at 11958.65, our expected opening band i.e, 11920-11950 on opening move, it made a day high at 12018.65 thereafter, the Index was trading in narrow range, by noon , the wild sell-off dragged the Index beyond our threshold support level i.e, 11795, made a day low at 11775.75 and intraday short covering lifted the Index and closed the day at 11937.65 with positive bias.

What will happen today? Nifty Index may open on a flat to negative note test 11905-11880-11860, if open, trade and sustain below 11880 then, the Index may re-visit 11835-11820-11795-11745-11705-11660 levels. On the other hand, the immediate reistance seen at 11915-11955 if, trade and sustain above 11955 then, the Index may try to test 11990-12020-12042-12075-12120 levels.

Special Mention: Yesterday, the Nifty Index, as expected closed above 11820 for three consecutive trading sessions, as stated on Monday and re-visited 12k mark, yesterday it breahed the 12k mark, made a high 12028.65, the strong sell-off dragged the Index till 11775 but the Nifty Index managed to move up and closed at 11937.65, today the Index must surpass and sustain above 11990-12025, then only further upward move is possible till 12075-12125-12190-12250 levels in the near term, else any weakness below 11860-11820, then the Index may re-test 11775-11720-11661 levels very soon, further weakness below 11660, may drag the Index till 11550-11405-11300 levels in the near term, let us see how it open and sustain, today near 11905-11860 levels, today's option weekly expiry and tomorrow's week-end factor may keep the Index to trade with high volatility, already India Vix is trading at the higher levels. Yesterday, the way Nifty Index got sold-off from 12k mark, till 11775, which shows the weakness cum strong resistance seen at 12k mark hence, trade with caution at 12k mark, the comfortable upmove is possible only, if the Index closes above 12025-12075 levels for three consecutive trading sessions.

Trading Strategy: The followers/readers, as expected the Nifty Index moved almost near 11600, those who invested, start booking the profit partially for 5-10%, the Nifty Index must move above 12k mark and should close for three consecutive trading sessions, then only it will test 12125-12250 levels in the near term. 

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.