06.04.21 Tuesday, 8.36 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, contrary to our expectation, opened on negative note at 14837.70, our expected opening band i.e.,14885-14925, on opening move, it made day high 14849.85 thereafter, the Index moved down till our support levels i.e., 14475, made day low 14459.50, further the Index moved up and closed at 14637.80 on negative note with intra loss -229.55 points i.e., -1.54%.

What will happen today? Nifty Index may open on flat to positive note to test 14650-14685 if open, trade and sustain above 14685 then, the Index may re-test 14720-14750-14800-14850-14880-14925-14955-14985 levels. On the other hand, the immediate support seen at 14600-14560 if, trade and sustain below 14560 then, the Index may try to re-visit 14505-14460-14415-14385-14350-14335-14265 levels. 

Special Mention: Yesterday, the Index unable to move up above 14875, the weakness cum profit booking dragged once again till 14459.50 and closed well below 14750 levels, as written the surge in the Covid19 postiive cases crossed morethan a lakh, which was jitter the Indian Equity market, this was the cause for a profit booking. Today, the Index must moves above 14675-14750 then, it may re-test 14820-14885-14925-15050-15150-15225-15335 levels in the near term. On the other hand if, the Index not able to moves, sustains above 14675-14750 and trades below 14600, then the weakness may drag the Index to re-visit 14460-14415 14350-14265-14160-14070 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 depends on the RBI MPC Policy meet outcome, which is scheduled on 07th Apr'21,  India Inc. Q4 (Jan-Mar'21)  quarterly results, the five states (West Bengal, Assam, Tamilnadu, Kerala & Pudhucherry) 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 expect major down trend.i.e., deeper price correction in the Nifty Index till 12430-12000 levels either this month or in May'21, the 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 journey may continue to test 15800 levels.

Trading Strategy: The followers/readers, follow the buy on dips strategy in partial manner, when the Nifty moves down at 14300-14000, in the Nifty 50 stocks for short to medium term perespective with 5-10% return.

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