26.11.2020 Thursday, 8.36 am

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written opened on a positive note with gap up at 13130, our expected openining band i.e., 13100-13140, on opening move it made a high at 13145.85 thereafter, the weakness cum sell-off dragged the Index throuhgout the day, near our final intra support level i.e, 12825, made a day low at 12835.65 and closed at 12858.40 with negative note.

What will happen today? Nifty Index may open on a positive note to test 12870-12920-12950 if open, trade and sustain above 12950 then, the Index may re-test 12990-13035-13070-13110-13145-13185-13230 levels. On the other hand, the immediate support lies at 12850-12830 if, trade and sustain below 12830 then, the Index may try to re-visit 12770-12730-12675-12610 levels.

Special Mention: Yesterday, the Nifty Index tried an another attempt and made a new all time high on opening move at 13145.85, but unable to sustain this level, the sell-off dragged the Index till 12835.65, further it was able to close above 12850, to-day the Index must take support 12850-12830, else any weakenss below 12830, may drag the Index till 12770-12600 levels. The big bull run with massive rally from 11535, till 13145 levels, just happened in 18 trading sessions, need some more consolidation at least between 13145-12730, the higher valuation worry coupled with over bought signals are the main reasons for the profit booking. Further upmove is possible for the Nifty Index only, if it is surpass 13145-13185 levels then, as I mentioed earlier 13310-13770 are the near term ultimate targets, at the same time the support lies at 12770-12730 levels, any weakness below 12730 then, the index may re-test 12670-12610 levels very soon. Let see, how it opens today at 12870-12920 levels. Today's F&O expiry, tomorrow's month-end factor and long week-end factor, may rise the intraday volatility, already the India Vix is trading at the elevated levels, trade with caution is my advise at this juncture and aviod aggressive long positions in F&O segment.

Trading Strategy: The followers/readers, those who invested at 11600-11550 levels, book profit, if the stocks are gives 15-25% return, since 13100-13310 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.