24.03.21 Wednesday, 8.36 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, contrary to our expectation, opened on positive note at 14768.55, our expected opening band i.e.,14715-14680, on opening move, it moved till 14866 thereafter, the Index moved down and made day low 14707, further the intra high volatility lifted the Index, made day high 14878.60 and closed at 14814.75 on positive note with intra gain 78.35 points i.e., 0.53%.

What will happen today? Nifty Index may open on negative note by tracking the asian indices, to test 14785-14745 if open, trade and sustain below 14745 then the Index may re-visit 14710-14665-14635-14595-14555-14515-14475-14435-14415-14350-14310 levels. On the other hand, the immediate resistance seen at 14820-14845 if, trade and sustain above 14845 then, the Index may try to re-test 14875-14900-14925-14955-15005-15050-15070-15100-15125-15170-15220 levels.

Special Mention: Yestrerday, the Index took strong support near 14745, though it moved till 14707, but the strong pull back from the low level, lifted the Index till 14878 and closed well above 14745, as stated yesterday the Inside formation pattern made on Monday, given confirmation by breaking the Friday's high point i.e., 14788 and moved till 14878, further the Index closed well above 14788 levels, it infers that the Index if, able to move above 14878 today, then the pull back rally may continue till 14950-15050-15170 in the near term. On the other hand, if the Index unable to surpass 14878 and not sustain above 14788, then the weakness may drag once again 14745-14597 levels, further weakness below 14597 then, it may drag the Index till 14550-14480-14350 levels very soon, let see how the Nifty Index opens and sustain today at 14788-14745 levels. The Intra volaility may be high today till week-end due to tomorrow's F&O Expiry, trade with caution and avoid aggressive long positions in the F&O segment.

Trading Strategy: The followers/readers, who invested last Friday near 14500-14350, especially on IT stocks, as I stated, try to start book partial profit for 4-6% return and hold the rest for the target around 10-15% also, watch the Nifty Index around 14850-15050 to break, else you can book full profit and wait for further down move to  adopt buy on dips strategy near 14400-14200-14000 in the Nifty Index levels and stay invested in Nifty 50 stocks 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

Further details please do call us on 98410 48022 or contact thro' whatsapp: 99624 70636. Please read carefully, the Disclaimer published in the Disclaimer page.

Wishing you for a safe, secured and profitable trading