04.02.21 Thursday, 8.39 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as written and expected opened on positive note with gap up at 14754.90, our expected opening band i.e.,14730.14753, on opening move, it made high at 14754 thereafter, the brief Intra sell-off dragged the index, made day low 14574.15, further the Index took support at 14575 and moved up once again till our threshold resistance levels i.e., 14870, made day high 14868.85 and closed at 14789.95 on positive bias with Intra gain 142.10 points i.e., +0.97.

What will happen today? Nifty Index may open on flat to positive note to test 14805-14835-14870 if open, trade and sustain above 14870 then, the Index may test 14910-14950-14990-15030-15070 levels. On the other hand, the immediate support lies at 14755-14725 if, trade and sustain below 14725 then, the Index may try to re-visit 14685-14645-14610-14575-14545-14500 levels.

Special Mention: Yesterday, the Nifty broken the recent all time and continued its northward journey, made a record all time high 14868.85 and closed well above 14755, if the Index closes above today and tomorrow above 14755 then, the Index may test 15070-15200-15350-15500 levels very soon. On the other hand, if the Index unable to move and sustain above 14870-14910 and trades below 14750, then the weakness may drag the Index till 14500-14380-14220 levels in the near term, let see how it opens today, near 14805-14870 and trades. The Intraday volatility may be high till tomorrow, due to 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 14870-15070 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