20.01.21 Wednesday, 8.39 am

Good Morning followers & readers 

What has happened on yesterday? Nifty Index, as written and expected opened on positive bais with gap up at 14371.65, our expected opening band i.e.,14355-14385-14410, on opening move, it made day low at 14350.85, thereafter, the Index moved up throughout the day near our resistance level i.e.,14560, made day high 14546.05 and closed at 14521.15 on positive note with Intra gain 239.85 points i.e., 1.68%.

What will happen today? Nifty Index may open on flat to positive note to test 14520-14546 if open, trade and sustain above 14546 then, the Index may re-test 14580-14600-14617-14653-11685-14710-14740 levels. On the other hand, the immediate support lies at 14490-14460 if, trade and sustain below 14460 then, the Index may try to re-visit 14435-14405-14355-14300-14260-14222 levels.

Special Mention: Yesterday, the Nifty Index as expected has winded up it's short term correction with Monday's low point 14222 and moved up till 14546 and closed well above 14435, today if the Index moves above 14550-14570, then it may re-test 14610-14650, further rally above 14655 then, the Index may test 14735-14890-15035 in the near term. On the other hand, the weakness now, lies below 14450-14350, any close below 14450-14350 then, the Index may re-visit 14300-14260-14222, further down move below 14222, then the Index may be dragged till 14160-14100-14040 levels in the near term. 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 Union Budget i.e., 01st Feb'21. Let see how it opens today and trade 14520-14550 above , the India Vix, volatility index as written yesterday, cooled down till 20.36, but closed at 22.90, it infers today and tomorrow we may witness more volatile move in the Nifty Index, due to Option weekly expiry, which falls tomorrow, trade with due caution is my advise at 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