15.01.21 Friday, 8.36 am

Good Morning followers & readers 

What has happened on yesterday? Nifty Index, contrary to our expectation opened on flat to negative note at 14550.05, our expected opening band i.e.,14590-14630, on opening move, it made high at 14562, thereafter, the Index moved down near our support levels i.e.,14460, made day low 14471.50 and took strong support at this level, the Index once again moved up till our resistance zone i.e., 14590-14630, made day high 14617.80 and closed at 14595.60 on positive note with Intra gain 30.75 points i.e., 0.21%.

What will happen today? Nifty Index may open on flat to positive note to test 14590-14620 if open, trade and sustain above 14620 then, the Index may test 14655-14705-14745-14785 levels. On the other hand, the immediate support lies at 14575-14530 if, trade and sustain below 14530 then, the Index may try to re-test 14505-14470-14430-14405-14375-14350-14310 levels.

Special Mention: Yesterday, the Nifty Index unable to continue its northward journey, it made an inside formation i.e., not broken the previous day high and low, it infers the indeceiveness and consolidation mode, today the Index move is solely depends on breaking either of these levels i.e., on higher side it must surpass 14653.35, to test further targets 14745-14890, or to break the recent low 14435.70, to re-test 14330-14210 levels, at the same time, as long as the Nifty Index closes above 14480, no worry for the bulls, the upward momentum is intact to test 14900-15000 levels 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 14590-14620 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, as of now there is no any reversal sign seen in the Nifty Index. The Intra volatility India Vix moved up continuously, we may witness consolidation move due to today's week-end factor. HCL Tech & HDFC Bank, will declare their Q3 results today, 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