12.01.21 Tuesday, 8.39 am

Good Morning followers & readers 

What has happened on yesterday? Nifty Index, as expected and written opened on positive note at 14474.05, our expected opening band i.e.,14350-14385, on opening move, it made high near open, thereafter, the Index moved down, made day low 14383.10, further it was consolidated between 14450-14400, the last hour up move lifted the Index, made day high 14498.20 and closed at 14484.75 on positive note with Intra gain 137.50 points i.e., 0.96%.

What will happen today? Nifty Index may open on flat to positive note to test 14485-14515-14530 if open, trade and sustain above 14530 then, the Index may test 14550-14570-14600-14635-14670 levels. On the other hand, the immediate support lies at 14470-14435 if, trade and sustain below 14435 then, the Index may try to re-test 14400-14383-14350-14300-14260-14215 levels.

Special Mention: Yesterday, the Nifty Index continued its northward journey, it made an another record all time high 14498.30, closed well above 14310, this is the second day the Index closed above 14310, further close above 14310 today with weekly close then, it may test 14600-14750-14890 very soon. On the other hand, any weakness now lies below 14470-14400, further close below these levels for three consecutive trading sessions then, the Index may re-visit 14040-13865-13770 levels in the near term, let see how it opens today near 14500-14530 levels. It looks, the positive momentum may continue, unless a deceive weakness below 14310 happens, then it may change the trend towards downside till 14040-13860-13770 levels. As I wrote earlier, the 50k in Sensex (just 700 points away for this historic level) and 15k in Nifty is possible levels in the near term, either before Jan'2021. The Intra volatility India Vix started to move up, this week we may witness more volatility since, the major IT giant Infosys, Wipro Q3 results are expected to announce tomorrow and HCL Tech & HDFC Bank, will declare their Q3 results on Friday, hence trade with due caution at the higher levels, it is my advice in 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