14.01.21 Thursday, 8.39 am

Good Morning followers & readers 

What has happened on yesterday? Nifty Index, as expected and written opened on positive note at 14639.80, our expected opening band i.e.,14560-14600, on opening move, it made day high at 14653.35, thereafter, the Index moved down throughout the day due to intra sell-off till our support levels i.e., 14450-14430, made low 14435.70, the intra short coovering lifted the Index and closed at 14564.85 on positive to flat note with Intra gain just 1.40 points i.e., 0.01%.

What will happen today? Nifty Index may open on positive note to test 14590-14630 if open, trade and sustain above 14630 then, the Index may test 14650-14705-14745-14785 levels. On the other hand, the immediate support lies at 14530-14495 if, trade and sustain below 14495 then, the Index may try to re-test 14460-14435-14405-14375-14350-14315-14275 levels.

Special Mention: Yesterday, the Nifty Index continued its northward journey, it made an another record all time high 14653.35, closed well above 14480, yesterday I have written that. any time a technical sell-off can expect till 14400, as expected the Index witnessed a profit booking till 14435.70, the last hour short covering lifted the Index and closed above 14480, as long as it closes above 14480, no worry for the bulls, the upward momentum will be strong enough to test 14750-14890-15035 in the near term. On the other hand, any weakness now lies below 14480-14400, 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 14580-14630 levels. It looks, the positive momentum may continue, unless a deceive weakness below 14480 happens, then it may change the trend towards downside till 14040-13860-13770 levels. As I wrote earlier, the 50k in Sensex (just 205 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 continuously, we may witness more volatility since, Option weekly Expiry and tomorrow's week-end factor. The major IT giant Infosys, Wipro Q3 results were declared both the numbers are above the street expectation and HCL Tech & HDFC Bank, will declare their Q3 results tomorrow, still trade with due caution at the higher levels, it is my advice in this juncture.

Trading Strategy: The followers/readers, those who invested near 13150 level, start profit booking in full at 14750-15000 levels, when the Nifty Index trading in that levels and wait for further dips to invest at 14000-13770 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