23.10.2020 Friday, 8.36 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected opened on negative note at 11890, our expected opening band i.e, 11905-18880-11860 on opening move, it made a day high at 11939.85 thereafter, the Index moved down till our support level i.e., 11860, the high volatility ruled the Index, to test once again near 11920, unable to cross this level, the last hour sell-off once again dragged the index till our threshold support level i.e., 11820, made a day low 11823.45 and intraday short covering and option weekly expiry volatility, lifted the Index and closed the day at 11896.45 with negative bias.

What will happen today? Nifty Index may open on a flat to positive note to test 11905-11940, if open, trade and sustain above 11940 then, the Index may re-visit 11970-11995-12025-12045-12075-12120 levels. On the other hand, the immediate support lies at 11880-11850 if, trade and sustain below 11850 then, the Index may try to test 11820-11790-11745-11705-11660-11620 levels.

Special Mention: Yesterday, the Nifty Index, unable to surpass 11990, at the same time it was not breached our threshold support level also, i.e., 11820, it has taken a good support at 11823.45 and bounced again till 11920 and closed near 11900, the inside formation of trading, infers that the indecisiveness, today the Index may trade on the range bound between i.e, 11820-11775 on the lower side and 11950-12025 on the higher side, it must break either side to continue the journey further. If, the Nifty Index moves, sustain and closes above 12025 for three consecutive trading sessions then, it may test 12075-12125-12190-12250 levels in the near term, else any weakness below 11820-11775 then, the Index may re-test 11660-11620 levels very soon, further weakness below 11620, may drag the Index till 11550-11405-11300 levels in the near term, let us see how it open and sustain, today near 11905-11950 levels, the week-end factor, may rise the intraday volatility, trade with caution is my advise at this juncture. 

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 above 12k mark, 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

Further details please do call us on 98410 48022 or contact thro' whatsapp: 99624 70636. Please read carefully, the Disclaimer published on the Disclaimer page.

Wishing you for a safe, secured and profitable trading.