02.02.21 Tuesday, 8.36am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as written and expected opened on positive note with gap up at 13758.60, our expected opening band i.e.,13730-13770, on opening move, it made day low at 13661.75 thereafter, the Index moved up till our resistance level 14320, made day high 14336.35 and closed at 14281.20 on positive bias with huge Intra gain 646.60 points i.e., +4.74.

What will happen today? Nifty Index may open on positive note with gap up by tracking the global indices to test 14420-14470-14500 if open, trade and sustain above 14500 then, the Index may re-test 14520-14565-14620-14680-14750 levels. On the other hand, the immediate support lies at 14336-14260 if, trade and sustain below 14260 then, the Index may try to re-visit 14220-14170-14120-14040-13965 levels.

Special Mention: Yesterday, the Nifty Index took support at our threshold level i.e., 13770, once the Union Budget session started, the Index moved up firmly above 13770, continued its northward journey, finally after the Budget session, it reached 14336 and closed well above 14040-14220 levels, today we can expect a consolidation move with positive bias between 14500-14120 levels, if the Index moves above 14500, then it may re-test once again 14620-14750 in the near term. On the other hand, if the Index unable to move and sustain above 14500-14520, then the weakness may drag the Index till 14340-14220-14120-13965 levels very soon, let see how it opens today, near 14420-14500 and trades. The Intraday volatility may be high till this week-end, due to RBI monetary policy, which is expected on 05th Feb-Friday.

Trading Strategy: The followers/readers, who invested in the Nifty50 stocks during the recent downtrend near 13770-13600,  try to start book profit partially near 14300-14520 levels in the Nifty Index.

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