29.10.2020 Thursday, 8.36 am 

Good Morning followers & readers

What has happened on yesterday? Nifty Index, contrary to our expectation opened on positive note with mild gap up at 11922.60, our expected opening band i.e, 11860-11835, on opening move the Index made a day high at 11929.40 thereafter, the strong sell-off dragged the Index throughout the day till  our intra support levels i.e., 11690-11660, made a day low at 11684.85 and closed the day at 11729.60 with negative bias.

What will happen today? Nifty Index may open on negative note by tracking the global indices to test 11680-11660-11620, if open, trade and sustain below 11620 then, the Index may test 11590-11560-11510-11480-11445-11405 levels. On the other hand, the immediate resistance seen at 11710-11755 if, trade and sustain above 11755 then, the Index may try to re-test 11775-11795-11820-11850-11875-11895-11930-11975 levels.

Special Mention: Yesterday, the strong sell-off from the high point i.e, 11929.40, dragged the Nifty till our threshold support level i.e, 11690-11660 and closed well below 11725, we should watch this level to hold and must surpass above 11725-11760 to test again 11850-11975, else the last hope for the bulls lies at 11660-11620, any weakness below 11620 and closes below 11660, may drag the Index till 11500-11300 levels in the near term. The global equity market is under the bear grip, yesterday the US stock market Dow Jones tumbled over 950 points and closed with negative bias for the third straight trading sessions, the Europe stock market also closed on negative with 2-3% loss, now the Asian market also trading with the weakness, it infers that, till the US Presidential election gets over i.e, 03rd Nov'20, the stock market acoss the world may trade with high volatility. Let us see, how the Nifty Index open and sustain, today near 11660-11620 levels. The F&O expiry and tomorrow's week-end cum month-end factors may add the fuel in to the intraday volatility in the Nifty Index, already the India Vix trading at the elevated levels, trade with caution and avoid aggressive long positions in F&O segment, this is my advise at this juncture.

Trading Strategy: The followers/readers, try to invest once again in the selective Nifty50 stocks for a short term gain of 5-10%, with medium term perspective when the Nifty Index trades near 11660-11600-11500 levels. 

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.