16.03.21 Tuesday, 8.39 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as written and expected, opened on flat to positive note at 15048.40, our expected opening band i.e.,15060-15100, on opening move, it made open and high same as 15048.50 thereafter, the Index moved down throughout the day, made day low 14745.85, the last hour intra short covering lifted the Index up and closed at 14929.50 on negative note with intra loss -101.45 points i.e., -0.67%.

What will happen today? Nifty Index may open on positive note to test 14970-15050 if open, trade and sustain above 15050 then the Index may re-test 15070-15110-15137-15165-15210-15270-15305-15336 levels. On the other hand, the immediate support lies at 14920-14885 if, trade and sustain below 14885 then, the Index may try to re-visit 14850-14815-14780-14745-14710-14670 levels.

Special Mention: Yesterday, the Index was unable to surpass 15070, the weakness with sell-off dragged beyond our support levels i.e, 14860, made low at 14745 and closed well below 15070, today if the Nifty index moves and sustain above 15070-15100, then the Index may re-test 15270-15336-15431 levels in the near term. On the other hand, the weakness below 14750-14640 may drag the Index till 14470-13965 levels in the near term. Let see, today how it opens near 14970-15050 levels. It looks the much awaited price correction started almost, the Nifty Index made double top formation at the all time high point i.e., 15431, it tried to surapss this level on 12th Mar-Friday, but it was able to trade till 15336.30, the weakness dragged yesterday till 14745, any close below 15070-15000 levels for three consecutive trading sessions with weekly close may drag the Index till 14467-13970-13425 in the near term, the traders may use the sell on rise strategy with due caution.

Trading Strategy: The followers/readers, those who already booked profit till 15430 levels, wait for further correction till 14650-14450-13970 levels to invest in Nifty50 stocks for short to medium term perspective.

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