19.11.2020 Thursday, 8.30 am

Good Morning followers & readers

What has happened on yesterday? Nifty Index, contrary to our expectation opened on a flat to negative note at 12860.10, our expected opening band i.e., 12885-12935, on opening move it made a day low at 12819.35 thereafter, it moved up above our resistance level i.e, 12935, made a day high at 12948.85 and closed at 12938.25 with positive bias.

What will happen today? Nifty Index may open on a flat to negative note to test 12895-12850 if open, trade and sustain below 12850 then, the Index may test 12835-12795-12770-12745-12700-12660-12610 levels. On the other hand, the immediate resistance seen at 12910-12935-12950 if, trade and sustain above 12950 then, the Index may try to test 12985-13000-13050-13100 levels.

Special Mention: Yesterday too, the Nifty Index made an another attempt for the record high, surpassed our threshold level 12935, also closed above 12935 for the first time, if the Index closes above 12935, today & tomorrow, as i have written, the doors are open for the target of 13770 in the near term. Today, the Nifty Index must take support at 12895-12850 levels, if sustain below 12850, then it may test 12770-12660-12610 very soon, at the same time the strong resistance seen at 12935-12950 levels, any strong move above 12950 then, the index may test 13100-13180-13265 levels in the near term. Today's Option weekly expiry & tomorrow's week-end, may rise the volatility. All the technical indicators are showing over bought signal in the Nifty Index, at least a mild correction till 12770-12600 is warranted now and it is a must one for further consolidation, to move up till 13770 before 2020, trade with caution is my advise at this juncture.

Trading Strategy: The followers/readers, those who invested last week at 11600-11550 levels, book profit, if the stocks are gives 15-25% return, since 12935-13100 levels are the resistance zone for the Nifty Index and wait for the dips to re-invest at 12700-12400 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.