09.12.20 Wednesday, 8.39 am

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written opened on a positive note at 13393.85, our expected opening band i.e., 13350-13395, on opening move, it made a day high at 13435.45, our further resistance level 13430, thereafter, the intra sell-off dragged the Index till our support band i.e., 11330-13290, it made a day low 13311.05, further the strong upmove once again lifted the Index till the day high and closed at 13392.95 on a positive bias with Intra gain by 37.20 points i.e., 0.28%.

What will happen today? Nifty Index may open on a positive note with mild gap up by tracking thye global indices to test 13435-13470 if open, trade and sustain above 13470 then, the Index may test 13500-13530-13565-13590-13615 levels. On the other hand, the immediate support lies at 13375-13340 if, trade and sustain below 13340 then, the Index may try to test 13310-13270-13220-13185-13145 levels.

Special Mention: Yesterday, the Nifty Index continued it's northwards journey, sustained at our threshold support level i.e., 13310, though it made a new all time high at 13435.45, the sell-off once again dragged the Index till 13310 but closed well above 13310, being the second trading session, the Index closed above 13310, further close above this level today with weekly close, then the Index as written earlier may test 13770 very soon. I was writing this levels since Nov'20, when the Nifty Index moved and closed above 12025 on 05th Nov'20, stated that the doors are opened for 13310-13770 levels, the first high level target 13310 reached on Monday, it looks either this week or before second week the Index could test next important resistance levels 13560-13770. On the other hand, the weakness now lies only below 13310, if the Index closes below 13310 for three consecutive trading sessions, then it may re-visit 13145-12770-12610 levels in the near term, let see how it opens today near 13435-13460 levels. The Investor/traders must be cautious this month or maximum before second week of Jan'2021, the Nifty Index may witness a correction till 12770-12500-12000, this levels are possible, further any correction, that will be very quick, as well very sharp down move one, also it is good for the Nifty Index to consolidate and continue the bull run further beyond 13770,  post January 2021. 

Trading Strategy: The followers/readers, those who invested at 11600-11550 levels, book profit, if the stocks are gives 20-30% return, since 13560-13770 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.