18.01.21 Monday, 8.39 am

Good Morning followers & readers 

What has happened on Friday? Nifty Index, as written and expected opened on flat note at 14594.35, our expected opening band i.e.,14590-14620, on opening move, it made day high at 14617.45, thereafter, the Index moved down throughout the day till our support level i.e.,14350, made day low 14357.85 and  closed at 14433.70 on negative note with Intra loss 161.90 points i.e., -1.11%.

What will happen today? Nifty Index may open on flat note to test 14435-14470 if open, trade and sustain above 14470 then, the Index may re-test 14505-14540-14570-14590-14610-14650 levels. On the other hand, the immediate support lies at 14405-14360 if, trade and sustain below 14360 then, the Index may try to re-visit 14325-14290-14267-14245-14210-14140 levels.

Special Mention: On Friday, the Nifty Index unable to continue its northward journey, it broken the Thursday's low point and also Wednesday's low i.e.,14435.70, hence the first weakness confimed, the Index moved down till our next level support i.e.,14350, but managed to close near 14435, it shows the short term weakness, further confirmation should come today, either to move down below 14350 or taking the support once again at 14400-14350 zone, if the Index moves and closes below 14350 for three consecutive trading sessions, then it may re-visit 14210-14040 very soon. On the other hand, to continue the upward momentum, it should move above 14470-14570 levels and it must close above 14470 for three consecutive trading sessions then, it may test 14750-14890-15035 levels, before 01st Feb'21. 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 the Union Budget i.e., 01st Feb'21, as of now first sign of reversal seen but, it should confirm by today's trade, let see how it opens near 14435-14470, trade with due caution in F&O segment, it is my advice in this juncture.

Trading Strategy: The followers/readers, those who booked profit near 14650 level, start invest again in Nifty50 stocks, when the Nifty moves to 14200-14000 levels for the short term gain 5-10%.

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