19.03.21 Friday, 8.42 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as written and expected, opened on positive note at 14855.50, our expected opening band i.e.,14890-14950, on opening move, it made day high 14875.50 thereafter, the Index moved down throughout the day, made day low 14478.60 and closed at 14557.85 on negative note with intra loss -163.45 points i.e., -1.11%.

What will happen today? Nifty Index may open on negative note with mild gap down by tracking the global indices to test 14500-14467 if open, trade and sustain below 14467 then the Index may re-visit 14435-14405-14370-14335-14297-14220-14165 levels. On the other hand, the immediate resistance seen at 14535-14590 if, trade and sustain above 14590 then, the Index may try to re-test 14630-14690-14745-14790-14820-14850-14875-14955 levels.

Special Mention: Yesterday, the Index though it opened with gap up near 14875, but unable to surpass above 14890-14950, the weakness cum sell-off once again dragged the Index till our first threshold support level near 14467, made day low 14478 and closed very well below 14745, for the second consecutive trading session, if the Index today clsoes below 14745-14465 levels then, it may re-visit 14330-13965-13600 levels very soon. On the other hand, if the Index regain above 14745 and closes above this levels for three consecutive trading sessions, then it may re-test 15050-15170-15250-15336 levels in the near term. The positive comments given by the US FEDERAL, on 17th Mar, during their FED Policy about their economy and kept the FED Rate 0.25%, given positive sentiment across the global stock market, this was short lived and the US bond yield jumped once again last night, triggrered a global sell-off, especially the tech sector most affected across the global indeces, the tech stocks seen selling pressure it was evident in the Indian tech stocks also yesterday. Let see how, the Nifty Index is opens and sustain at 14500-14467 levels. The Intra volatility may be high due to week-end factor, trade with caution.

Trading Strategy: The followers/readers, try to adopt buy on dips strategy near 14500-14000 in the Nifty Index levels, stay invested in Nifty 50 stocks and buy tech stocks, when it corrected substantially for short to medium term perespective.

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