27.11.2020 Friday, 8.33 am

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written opened on a positive note at 12906.45, our expected openining band i.e., 12870-12920-12950, on opening move it made a high at 12917 thereafter, the weakness cum sell-off dragged the Index near our intra support level i.e, 12770, made a day low at 12790.40, further the expiry volatllity lifted the Index near our resistance level i.e, 13035, made a day high 13018 and closed at 12987 with positive note.

What will happen today? Nifty Index may open on a positive note to test 13035-13075 if open, trade and sustain above 13075 then, the Index may test 13105-13145-13190-13230-13270-13310 levels. On the other hand, the immediate support lies at 12985-12935 if, trade and sustain below 12935 then, the Index may try to re-visit 12910-12875-12835-12790-12760-12730 levels.

Special Mention: Yesterday, the Nifty Index as written to consolidate at the lower level till 12770, it just moved near 12770, made a low at 12790, but the bulls supported this level twice and lifted the Index above 13k once again and closed at 12987, the F&O expiry high volatility ruled the Index, to-day the Index must surpass above 13035-13070 to sustain this rally to re-test 13145, further upmove above 13145 then, as written 13300-13770 is possibe near term targets. At the same time, the support now lies at 12985-12935, any weakenss below 12935 then, the Index re-test once again 12850-12790 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. Let see, how it opens today at 13035-13075 levels. The month-end 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.

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.