29.01.21 Friday, 8.39 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as written and expected opened on negative note at 13810.40, our expected opening band i.e.,13930-13850, on opening move, it made low at 13795 thereafter, the Index moved up and made a day high 13898.25, further the weakness cum sell-off dragged down with high intra volatility, traded till our intra support level i.e., 13705, made day low 13713.25 and closed at 13817.55 on negative bias with Intra loss -149.95 points i.e., -1.07.

What will happen today? Nifty Index may open on positive note with gap up by tracking the global indices to test 13900-13930 if open, trade and sustain above 13930 then, the Index may re-test 13960-14010-14040-14075-14105-14150-14185-14220 levels. On the other hand, the immediate support lies at 13835-13800 if, trade and sustain below 13800 then, the Index may try to re-visit 13770-13710-13660-13620-13575-13525 levels.

Special Mention: Yesterday, the Nifty Index continued its southward journey, tested our another support level 13770, though it violated this point briefly, moved up and closed well above 13770, today if the Index must take support near 13830-13770-13710 further moves below 13710, then the Index may re-test 13660-13575-13130 levels very soon. On the other hand, if the Index able to regain and closes above 13960 for three consecutive trading sessions then, the pull back rally may take the Index to re-test once again 14440-14500 in the near term, let see how it opens today and trade near 13900-13960 levels. The Intraday volatility may be high today and Monday, the India Vix, volatility index is yet to cool down, the Index may trade with high volatility, since week & month-end factor and Monday, the Union Budget is expected to present, trade with due caution is my advise at this juncture.

Trading Strategy: The followers/readers, try to start invest near 13700-13500 levels in the Nifty 50 stocks, for the short term gain between 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