03.02.21 Wednesday, 8.33 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as written and expected opened on positive note with gap up at 14481.10, our expected opening band i.e.,14420-14470-14500, on opening move, it made low at 14473 thereafter, the Index moved up till our threshold resistance level 14750, made day high 14731.70, further the profit booking cum sell-off dragged the Index, made a day low at 14469.15, took support at 14470, moved up once again and closed at 14647.85 on positive bias with Intra gain 366.65 points i.e., +2.57.

What will happen today? Nifty Index may open on positive note with mild gap up by tracking the global indices to test 14730-14753 if open, trade and sustain above 14753 then, the Index may test 14800-14830-14870-14910 levels. On the other hand, the immediate support lies at 14690-14650 if, trade and sustain below 14650 then, the Index may try to re-visit 14600-14570-14530-14500-14470-14430-14390 levels.

Special Mention: Yesterday, the Nifty Index as expected almost reached the threshold level 14750, though the weakness seen near the recent all time high i.e., 14753, today on opening move it may try to surpass above 14753 to test 14800-14910-15070 levels, if the Nifty Index closes above 14753 for three consecutive trading sessions then, the Index may test 15070-15330-15470 levels in the near term. On the other hand, if the Index unable to move and sustain above 14753-14800-14870, then the weakness may drag the Index till 14470-14330-14220-14040-13965 levels in the near term, let see how it opens today, near 14750-14800 and trades. The Intraday volatility may be high till this week-end, due to tomorrow's Option weekly expiry and  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 near 14750-14870 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

Further details please do call us on 98410 48022 or contact thro' whatsapp: 99624 70636. Please read carefully, the Disclaimer published in the Disclaimer page.

Wishing you for a safe, secured and profitable trading