03.05.21 Monday, 8.39 am

Good Morning followers & readers 

What has happened on Friday? Nifty Index, as expected and written, opened on negative note with gap down at 14747.45, our expected opening band i.e.,14850-14770, on opening move, it made day high at 14855.45, thereafter, the Index witnessed a sell-off till our support level i.e., 14595, made day low 14601.70 and closed at 14631.10 on negative note with intra loss -263.80 points i.e., -1.77%.

What will happen today? Nifty Index may open on negative note with gap down by tracking the asian indices at 14560-14525-14495 if open, trade and sustain below 14495 then, the Index may re-visit 14470-14425-14360-14320-14270-14220-14190-14150 levels. On the other hand, the immediate resistance seen at 14600-14660 if, trade and sustain above 14660 then, the Index may try to re-test 14695-14750-14775-14825-14855-14895-14925-14985 levels. 

Special Mention: On Friday, the Nifty Index unable to continue the pull back rally and not able to close above 14695, moved till 14601, the recent 5 states election resuts were declared, this impact may seen in the Indian Equity market, it may not give any major impact, may be the knee jerk reaction is expected on opening move today till 14495-14425, if the Nifty Index open and sustain below 14425-14400 then the Index may re-visit 14260-14150 levels, further move below 14150 then 13960-13600 possible targets in the near term. On the other hand if the Index moves above 14600-14770, then it may try to re-test 14850-14985 levels, let see how the Index opens today near 14560-14495 levels.   

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