07.05.21 Friday, 8.36 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on positive note at 14668.35, our expected opening band i.e.,14645-14675, on opening move, it took support near our support level i.e., 14620, made day low 14611.50 thereafter, the Index moved up till our resistance level i.e., 14720-14765, made day high 14743.90 and closed at 14724.80 on positive note with intra gain 106.95 points i.e., 0.73%.

What will happen today? Nifty Index may open on positive note at 14775-14815 if open, trade and sustain above 14815 then, the Index may try to re-test 14855-14885-14910-14940-14985 levels. On the other hand, the immediate support lies at 14740-14705, if the Index moves below 14675 then, the Index may re-visit 14645-14615-14570-14540-14490 levels. 

Special Mention: Yesterday, the Nifty Index continued the pull back rally beyond 14723 and made high 14743.90, further the Index able to close above 14675-14695 for the first trading session, if the Index able to close above 14695-14725 today and Monday, then the Index may re-test 15045-15200-15330 in the near term. On the other hand if the Index fails to move above 14815 and moves below 14695 then, the Index once again re-visit 14416-14150 in the near term, let see how the Index opens today at 14775-14815 levels. The Intra volatility may be high due to week-end factor, trade with due caution.  

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