03.12.20 Thursday, 8.42 am

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written opened on a positive note at 13121.40 our expected opening band i.e., 13110-13125-13145, on opening move it made a day high at 13128.50 thereafter, the intra sell-off dragged the Index and made a day low at 12983.55, further on the last hour strong upmove once again lifted the Index near the day high and closed at 13113.75 on flat note with positive bias.

What will happen today? Nifty Index may open on a positive note to test 13145-13170 if open, trade and sustain above 13170 then, the Index may test 13210-13240-13275-13310 levels. On the other hand, the immediate support lies at 13125-13075 if, trade and sustain below 13075 then, the Index may try to re-visit 13040-13000-12985-12945-12875-12835-12800-12790 levels.

Special Mention: Yesterday, the Nifty Index moved till 13128.50, unable to surpass the previous all time i.e, 13145.85, though the Nifty Futures surpassed it's all time high once again and made a high 13177 but, the Nifty Index not able to test 13145 and closed well above 12970, to-day the Index must surpass, sustain and closes above 13146 then 13240-13310-13770 levels are possible in the near term, I was writing this level since Nov'20, when the Nifty Index moved and closed above 12025, stated that the doors were opened for 13310-13770 levels. On the other hand, the weakness now lies only below 13020, if the Index closes below 13020 for three consecutive trading sessions, then it may re-visit 12770-12610-12540 levels in the near term. The Investor/traders must be cautious this month or maximum before second week of Jan'2021, the Nifty Index may witness a correction till 12500-12k, this levels are possible and it is good for the Nifty Index too. The Indian manufacturing PMI for the month of Nov'20 released on 01st Dec'20, the data reveals that the negative divergence on the manufacturing acitivity, we should see the Services PMI data, which will be released today and tomorrow's  RBI policy meet, are the trend deciders, let us wait and watch this week. The weekly option expiry and tomorrow's week-end factor also plays a role in terms of volatility.

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.