11.12.20 Friday, 8.16 am

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written opened on a negative note at 13488.50, our expected opening band i.e., 13490-13450, on opening move, it made a high also, at open level i.e., 13488.50, thereafter, the Index witnessed a sell-off till 2.30 pm, made day low at 13399.30, our support level 13400 was intact, the last hour volatility cum intra short covering lifted the Index till 13503.55 and closed at 13478.30 on a negative note with Intra loss by -50.80 points i.e., -0.38%.

What will happen today? Nifty Index may open on a  positive note to test 13530-13560 if open, trade and sustain above 13560 then, the Index may test 13585-13610-13635-13660-13690-13720 levels. On the other hand, the immediate support lies at 13510-13470 if, trade and sustain below 13470 then, the Index may try to test 13440-13400-13365-13340-13311 levels.

Special Mention: Yesterday, the Nifty Index failed to continue it's northwards journey, the global weakness dragged the Index  till 13400, but sustained at this levels. Today, the Index must surpass above our threshold resistance level i.e., 13560, if close above 13550-13560 today, then next week the Index may test the ultimate level 13770, 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. On the other hand, the weakness now lies only below 13400-13310, 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 13530-13560 levels. Today's week-end factor may rise the Intraday volatility, already India Vix is trading at positive zone, trade with due caution is my advise at this juncture.

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 to test 15k levels,  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.