23.11.2020 Monday, 8.40 am

Good Morning followers & readers

What has happened on Friday? Nifty Index, as expected and written opened on flat to positive note at 12813.40, our expected support band i.e., 12770-12745, on opening move it made a low at 12786.10 thereafter, it moved up above till our resistance level i.e, 12840, made a high at 12853, further the profit booking cum sell-off dragged once again till our threshold support levels i.e, 12770-12745, made a day low at 12730, the last hour upmove lifted the Index till 12892.45 and closed at 12859.05 with positive note.

What will happen today? Nifty Index may open on a positive note to test 12890-12935 if open, trade and sustain above 12935 then, the Index may test 12963-12995-13020-13095 levels. On the other hand, the immediate support lies at 12840-12795 if, trade and sustain below 12795 then, the Index may try to re-visit 12770-12730-12690-12650-12610 levels.

Special Mention: On Friday, the Nifty Index made an another attempt to break 12745 level, though it briefly broken 12745 and made a low 12730, but the strong re-bound lifted the Index till 12892 and closed well above 12770-12850 levels. Today, the Nifty Index must trade and sustain above 12935-12963, then it may test 13000-13100-13185-13310 levels very soon, at the same time the support lies 12840-12770 levels, any weakness below 12770 then, the index may re-test 12730-12600-12425 levels in the near term. As I have written on Friday about the weekly close, the Nifty Index closed well above 12780-12850, it shows that,  the bulls are strongly holds the Nifty Index at 12770. Let see today, how it open at 12890-12935 levels, the F&O expiry and month-end factor may rise the intraday volatility this week, 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 12935-13100-13300 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.