04.12.20 Friday, 8.39 am

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written opened on a positive note at 13215.30 our expected opening band i.e., 13145-13170, on opening move it made a day high at 13216.60 thereafter, the intra sell-off dragged the Index and made a low at 13145, further the Index was consolidating with narrow trading range between 13180-13140, the last hour weakness once again dragged the Index, made a day low 13107.90 and closed at 13133.90 on flat to positive note.

What will happen today? Nifty Index may open on a flat to positive note to test 13155-13190 if open, trade and sustain above 13190 then, the Index may test 13225-13240-13275-13310-13365 levels. On the other hand, the immediate support lies at 13107-13075 if, trade and sustain below 13075 then, the Index may try to re-visit 13040-12980-12955-12920-12890-12845-12790-12670-12610 levels.

Special Mention: Yesterday, the Nifty Index moved up and made a new record all time high at 13216.60, but unable to closes above 13146, if the Index closes above 13146, for three continuous trading sessions, may lift the Index to our threshold levels i.e., 13310-13770 very soon. I was writing this levels 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 13145, if the Index closes below 13145 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 and Services PMI data released yesterday, both datas reveals that, the negative divergence when compared with the Oct'20 levels. Now, every one keeping an eye on the RBI policy meet, i expect the status quo in the repo rate, we should see the RBI Governor's stance on the economic outlook and it's future projection, which may impact the stock market and the 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.