29.12.20 Tuesday, 8.42 am

Good Morning followers & readers

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 13815.15, our expected opening band i.e.,13790-13810, on opening move, it made a low 13812, thereafter, the Index moved up throughout the day till our resistance levels i.e, 13900, made a day high 13885.30 and closed at 13873.20 on a positive note with Intra gain by 123.95 points i.e., 0.90%.

What will happen today? Nifty Index may open on a positive note with gap up by tracking the global indices to test 13905-13955 if open, trade and sustain above 13955 then, the Index may test 13985-14025-14045-14095 levels. On the other hand, the immediate support lies at 13885-13840 if, trade and sustain below 13840 then, the Index may try to test 13815-13790-13770-13750-13705-13665-13625 levels.

Special Mention: Yesterday, the Nifty Index continued its northward journey once again to test 14-15k mark, it surpassed above 13770, made a new all time high 13885.30, as well closed above our threshold level i.e, above 13770 for the first trading session, as i written earlier, further close above 13770 for next two trading sessions with weekly close then, the Index may test 14300-15000 very soon. On the other hand, any weakness now lies at 13770, further any close below 13770 for three consecutive trading sessions then, the Index may re-visit 13600-13450-13320-13131 levels in the near term. Let see how it opens today near 13905-13955 levels. The much awaited US stimulus package was approved and signed by the outgoing president Mr Donal Trumph, boosted the global stock market, since the emerging markets may see some more funds flow in to their equity market, India is also one of the destination, the FPI inflow may continue for some more time, so this will take the Indian stock market to the new peaks till this month-end, even it may continue till mid of Jan'2021. My ultimate Target for Sensex is 50k and Nifty 15k, it is intact, unless any weakness or negative news comes to drag the global stock market. The intraday volatility may rise this week due to the F&O expiry, month-end and year-end factors, trade with caution at the higher levels, is my advise at this juncture, the volumes are dried and some fatigue sign seen in the Index movement.

Trading Strategy: The followers/readers, those who invested 13150 level, start the profit booking at 13955-14040-14300 levels, when the Nifty Index trading in that levels and wait for further dips to invest at 13350-13140 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.