30.04.21 Friday, 8.39 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on positive note at 14979, our expected opening band i.e.,14940-14985, on opening move, it made day high at 15044.35, thereafter, the Index witnesse a sell-off till our support level i.e., 14840-14805, made day low 14814.45, further the intra volatility lifted the Index near 14950 and closed at 14894.80 on positive note with intra marginal gain 30.35 points i.e., 0.20%.

What will happen today? Nifty Index may open on negative note with gap down by tracking the asian indices at 14850-14820-14770 if open, trade and sustain below 14770  then, the Index may re-visit 14750-14730-14695-14650-14630-14595-14545-14495 levels. On the other hand, the immediate resistance seen at 14870-14900 if, trade and sustain above 14900 then, the Index may try to re-test 14950-14980-15020-15045-15075-15105 levels. 

Special Mention: Yesterday, the Nifty Index continued the pull back rally for five consecutive trading sessions, moved till 15044, as written yesterday, the brief and mild correction dragged the Index till 14814, it looks this down move may continue today, due to asian indices weakness and the 5 state assembly eletion Exit poll results were announced yesterday, it may also give some negative impact for the indices, but this impact may be a short term one, hence the Nifty Index even if opens near 14800-14750, may take support at 14695-14600 levels, may be on Monday, it may take further direction based on the 5 states election results, let see how it opens near 14850-14820-14770 levels, the Intraday volatility may be high today due to week-end cum month-end factor, trade with caution an avoid aggressive long position.   

Trading Strategy: The followers/readers, those who invest near 14200-14150 levels, start book profit when Nifty reaches 14950-15050-15200 levels or the stocks given profit 5-10% and wait for further correction. 

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