05.02.21 Friday, 8.36 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as written and expected opened on flat note at 14789.05 our expected opening band i.e.,14805-14835, on opening move, it made day low 14714.75 thereafter, the Index moved up throughout the day with volatile move till our resistance level i.e., 14910, made day high 14913.70 and closed at 14895.65 on positive bias with Intra gain 105.70 points i.e., +0.71.

What will happen today? Nifty Index may open on positive note to test 14915-14940-14965 if open, trade and sustain above 14965 then, the Index may test 14990-15030-15070-15110 levels. On the other hand, the immediate support lies at 14870-14810 if, trade and sustain below 14810 then, the Index may try to re-visit 14755-14715-14685-14660-14615-14575 levels.

Special Mention: Yesterday, the Nifty continued its northward journey, made a record all time high 14913.70 and closed well above 14755, this is the straight second consecutive day, if the Index closes above today above 14870 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 14920-14970 and trades below 14870, then the weakness may drag the Index till 14700-14575, if the Index further moves down below 14575 then, further weakness may drag till 14455-14340-14000 levels in the near term, let see how it opens today, near 14970-15000 and trades. The Intraday volatility may be high today, due to RBI monetary policy and week-end factor, trade with due caution is my advise at this juncture.

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