17.03.21 Wednesday, 8.36 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as written and expected, opened on  positive note at 14996.10, our expected opening band i.e.,14970-15050, on opening move, it made day high 15051.60 thereafter, the Index moved down throughout the day, made day low 14890.65 and closed at 14910.45 on negative note with marginal intra loss -19.05 points i.e., -0.13%.

What will happen today? Nifty Index may open on positive note to test 14960-15005 if open, trade and sustain above 15005 then the Index may re-test 15050-15095-15135-15165-15210-15270-15305-15335 levels. On the other hand, the immediate support lies at 14930-14890 if, trade and sustain below 14890 then, the Index may try to re-visit 14845-14815-14780-14745-14710-14670 levels.

Special Mention: Yesterday, the Index tried to surpass above 15070, but ubable to do that made high till 15051 but the weakness cum sell-off dragged till 14890 and closed well below 15070, today if the Nifty index moves and sustain above 15000-15070 and closes above 15070 for three consecutive trading sessions, then it may re-test 15335-15431 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 14960-15005 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 test only till 15336.30 levels, the weakness dragged again 14745, now any close below 14745 for three consecutive trading sessions may drag the Index till 14467-13970-13425 in the near term, the traders may adopt the sell on rise strategy at the higher levels near 15000-15070-15175 levels and trade 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