26.03.21 Friday, 8.39 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on negative note at 14570.90, our expected opening band i.e.,14550-14595, on opening move, it made day high at 14575.60 thereafter, the Index moved down throughout the day, made day low 14264.40 and closed at 14324.90 on negative note with intra loss -224.50 points i.e., -1.54%.

What will happen today? Nifty Index may open on positive note with gap up by tracking the asian indices, to test 14365-14420-14467 if open, trade and sustain above 14467 then the Index may re-test 14495-14535-14570-14605-14640-14675-14705-14745 levels. On the other hand, the immediate support lies at 14450-14410 if, trade and sustain below 14410 then, the Index may try to re-visit  14350-14350-14305-14265-14220-14180-14150-14075 levels.

Special Mention: Yestrerday, the Index unbale to sustain above 14535, though it made a high at 14575, the profit booking cum sell-off dragged below our threshold support i.e., 14350, as I stated earleir that, last Friday's panic bottom must re-test once again, as expected yesterday the Index tested the panic bottom, though initially it tried to take support at 14350, but the last hour sell-off pushed down the Nifty index and closed well below 14350 levels. Today, the Index must trade above 14350-14467 and it should close above 14467 today, then only next week we can see some pull back rally at least till 14745-14900 levels, else there is no scope for the upward momentum. On ther other hand, further weakness below 14350-14200, then the Index may re-visit 14070-13600 levels in the near term, let see how the Nifty Index opens and sustain today at 14365-14420-14467 levels. The Intra volaility may be high today due to long week-end since, 29th Mar-Monday, the trading bourses are closed due to Holi festival, 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  book and wait for further down move to  adopt buy on dips strategy near 14350-14200-14000 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

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Wishing you for a safe, secured and profitable trading