13.01.21 Wednesday, 8.33 am

Good Morning followers & readers 

What has happened on yesterday? Nifty Index, as expected and written opened on flat note at 14473.80, our expected opening band i.e.,14485-14530, on opening move, it made day low at 14432.85, thereafter, the Index moved up throughout the day without any intra sell-off, consolidated with narrow range, finally made day high 14590.65 and closed at 14563.45 on positive note with Intra gain 78.70 points i.e., 0.54%.

What will happen today? Nifty Index may open on flat to positive note to test 14560-14600 if open, trade and sustain above 14600 then, the Index may test 14635-14670-14700-14745 levels. On the other hand, the immediate support lies at 14545-14495 if, trade and sustain below 14495 then, the Index may try to re-test 14470-14450-14430-14390-14350-14315-14250 levels.

Special Mention: Yesterday, the Nifty Index continued its northward journey, it made an another record all time high 14590.65, closed well above 14310, the Index closed above 14310 for the straight three trading sessions, further close above 14310 on weekly basis then, it may test 14750-14890-15035 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 14600 levels. It looks, the positive momentum may continue, unless a deceive weakness below 14470 happens, then it may change the trend towards downside till 14040-13860-13770 levels. As I wrote earlier, the 50k in Sensex (just 421 points away for this historic level) and 15k in Nifty is possible levels in the near term, may be before Jan'2021. The Intra volatility India Vix moved up, this week we may witness more volatility since, the major IT giant Infosys, Wipro Q3 results are expected to announce today, tomorrow's Option weekly Expiry and HCL Tech & HDFC Bank, will declare their Q3 results on Friday, any time short term technical sell-off possible till 14400-14250-14050, 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