05.04.21 Monday, 8.36 am

Good Morning followers & readers 

What has happened on Thursday? Nifty Index, as expected and written, opened on negative note at 14798.40, our expected opening band i.e.,14750-14785, on opening move, it made high 14814 thereafter, the Index moved down till our support levels i.e., 14705, made day low 14692, further the Index moved up once again, made day high at 14883.20 and closed at 14867.35 on positive note with intra gain 176.65 points i.e., 1.20%.

What will happen today? Nifty Index may open on flat to positive note to test 14885-14925 if open, trade and sustain above 14925 then, the Index may re-test 14955-14975-15025-15060-15105-15130-15160-15195-15225 levels. On the other hand, the immediate support seen at 14860-14825 if, trade and sustain below 14825 then, the Index may try to re-visit 14785-14750-14720-14692-14645-14615-14575-14545-14520-14475-14415 levels. 

Special Mention: On Thursday, the Index able to move up above 14875, tested till 14883 and closes well below 14745 levels, it broken the upper range level i.e., 14876, today we should wait and watch how it sustain 14875-14925, if the Index moves above 14925 then, it may re-test  15050-15150-15225-15335 levels very soon. On the other hand if ,the Index not able to moves, sustains above 14925 and trades below 14810-14750, then the weakness may drag the Index to re-visit 14615-14415 very soon, further sell-off below 14415 may drag the Index once again till 14350-14265 levels in the near term. It seems, till this month-end or first week of May'21, the Index may trade with broad range-cum-high level consolidation between 15430-14265, either of these ranges must be broken this month, mostly it may depends on the outcome of India Inc. Q4 (Jan-Mar'21) results, the five (5) states assembly election results outcome, since these results are the acid test for the present central ruling party BJP, also the widespread surges in Covid19 positive numbers are also may play major role in the Index movement, we may expepct major Mayhem i.e., deeper price correction in the Nifty Index till 12430-12000 levels either in May or Jun'2021, the given factors listed above, disappoints the stock market, we may witness these levels, this view may be negated only if, the Index moves and closes above 15432 for three consecutive trading sessions and coupled with weekly close, then the northward journy may continue to test 15800 levels.

Trading Strategy: The followers/readers, who invested when the Nifty moved down at 14300, try to book profit till 14875-15050 levels and wait for further down move and adopt buy on dips strategy near 14300-14000 in the Nifty Index levels 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