07.01.21 Thursday, 8.36 am

Good Morning followers & readers 

What has happened on yesterday? Nifty Index, as expected and written opened on positive note at 14240.95, our expected opening band i.e.,14200-14235, on opening move, it made day high 14244.15, thereafter, the Index traded in range bound move, the last hour sell-off dragged the Index till our support level i.e, 14050, made day low 14039.60, further the intra short covering and volatility lifted the Index and closed at 14146.25 on negative note with Intra loss -53.25 points i.e.,-0.38%.

What will happen today? Nifty Index may open on positive note to test 14185-14215 if open, trade and sustain above 14215 then, the Index may test 14245-14290-14310-14360-14395-14420 levels. On the other hand, the immediate support lies at 14160-14120 if, trade and sustain below 14120 then, the Index may try to re-test 14085-14040-14000-13955 levels.

Special Mention: Yesterday, the Nifty Index continued its northward journey, made record all time high 14244.15, as well closed above 14100, if the Index able to close today & tomorrow above 14100 then, it may test 14310-14450-14600 very soon. On the other hand, any weakness now lies below 14040-13950, further close below these levels for three consecutive trading sessions then, the Index may re-visit 13770-13600-13450-13320-13131 levels in the near term, let see how it opens today near 14185-14215 levels. It looks, the positive momentum may continue, unless a decisive weakness below 13950 happens, then it may change the trend towards downside till 13450-13131 levels. As I wrote earlier, the 50k in Sensex and near 15k in Nifty is possible levels in the near term either before Jan or Feb'2021. The India Vix moved up with positive bias, we can witness more volatility today & tomorrow, due to today's option weekly expiry and tomorrow's week-end factor, trade with caution at the higher levels, is my advise at this juncture.

Trading Strategy: The followers/readers, those who invested recently near 13150 level, start profit booking at 14310-14450-14600 levels, when the Nifty Index trading in that levels and wait for further dips to invest at 13770-13350-13140 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