07.04.21 Wednesday, 8.36 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on positive note at 14737, our expected opening band i.e.,14650-14685, on opening move, it made day low 14573.90 thereafter, the Index moved up till our resistance levels i.e., 14750-14800, made day high 14779.10, further the Index moved down and closed at 14683.50 on positive note with intra marginal gain 45.70 points i.e., 0.31%.

What will happen today? Nifty Index may open on flat to positive note to test 14685-14720 if open, trade and sustain above 14720 then, the Index may re-test 14750-14800-14840-14883-14925-14955-14995-15050 levels. On the other hand, the immediate support seen at 14645-14620 if, trade and sustain below 14620 then, the Index may try to re-visit 14600-14575-14550-14500-14455-14410-14385-14350-14335-14265-14225 levels. 

Special Mention: Yesterday, the Index traded with a range bound and formed an Inside day pattern i.e., either not broken the previous day high or low point, this trading pattern, will give an answer today, where it is going to head, by breaking the previous day high i.e., 14849.85 or the previous day low i.e.,14459.40, if the Index moves above 14850-14883, may take the Index to re-test 14950-15050-15200-15336 levels. On the other hand if, the index moves below 14459 then it may re-visit 14350-14265, further weakness below 14265 then, the Index may visit 14150-14070-13600 levels. Today, the RBI Monetary Policy meet outcome may set the further direction on the Nifty Index, let us wait and watch, how the Nifty Index opens and sustain near 14685-14720 levels. The Intraday volatility may rise due to RBI meet and tomorrow's weekly option expiry, trade with caution is my advise at this juncture.  

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 before May/June'21, the factors listed above if, 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

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Wishing you for a safe, secured and profitable trading