22.12.20 Tuesday, 8.39 am

Good Morning followers & readers

What has happened on yesterday? Nifty Index, as expected and written opened flat to negative note at 13741.90, our expected opening band i.e., 13727-13700, on opening move, it made a low 13660,  thereafter, the Index moved up till our threshold resistance levels i.e, 13770, made a day high 13777.50, further the strong sell-off dragged till our threshold support levels i.e, 13141, made a day low 13131.45 and closed at 13328.40 on a negative note with Intra loss by -432.15 points i.e., -3.14%.

What will happen today? Nifty Index may open on a positive note to test 13400-13430 if open, trade and sustain above 13430 then, the Index may test 13460-13500-13550-13605-13660-13705-13770 levels. On the other hand, the immediate support lies at 13380-13330 if, trade and sustain below 13330 then, the Index may try to test 13280-13250-13200-13140 levels.

Special Mention: Yesterday, the Nifty Index though it broken 13770 once again and made the all time high 13777.50. but the post noon, the global weakness due to, the highly infectious new strain of COVID-19 found in Britain, that made to shut down, it jitters the global indices, our Indian equity market also over reacted, sold-off exactly till our first threshold support levels i.e., 13141, made a panic intra bottom at 13131. The much awaited correction happened in a single session, as I stated earlier, the pirce correction was very sharp and quick to test 13131 from 13777. Now the Nifty Index may consolidate with broader range between 13770-13140 for some more trading sessions, any weakness now, only if the Index sustain and closes below 13131 for three consecutive trading sessions, then it may re-test 12840-12790-12450 levels. But, it looks the Index may not move below 13131 and try to re-visit 13430-13550-13660 levels, the global sentiment may help to re-test these levels once again, the long-awaited US Economic Stimulus package agreed by congressional leaders for voting, it may happen this week, hence the Nifty may trade between 13140-13770, let see how it opens today near 13400-13430 levels.

Trading Strategy: The followers/readers, those who invested 13150 yesterday, watch to book partial profit booking at 13450-13650 levels, when the Nifty Index trading in that levels and wait for dips to invest at 12840-12500 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.