11.05.21 Tuesday, 8.36 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on positive note at 14928.25, our expected opening band i.e.,14865-14910, on opening move it made day low 14892.50 thereafter, the Index moved up near our resistance level i.e., 14940-14985, made day high 14966.90 and closed at 14942.45 on positive note with intra gain 119.20 points i.e., 0.80%.

What will happen today? Nifty Index may open on negative note with gap down by tracking the global indices at 14840-14815 if open, trade and sustain below 14815 then, the Index may try to re-visit 14765-14740-14715-14695-14610 levels. On the other hand, the immediate resistance seen at 14865-14910, if the Index moves above 14910 then, the Index may re-test 14945-14985-15045-15105-15160 levels. 

Special Mention: Yesterday, the Nifty Index continued the pull back rally for the fifth trading session, made high 14966.90 and closed well above 14865, it looks the Nifty Index today may open with gap down, till 14765, the technical sell-off also possible till 14765, if the Index moves below, 14765 then it may re-visit 14695-14620-14416 very soon. On the other hand if the Index moves above 14865-14910 then it may re-test 14965, further rally above 14965 then, it may test 15045-15170-15330 levels in the near term. The Intra volatility may be high today and tomorrow due to option weekly expiry and Thursday trading holiday due to Ramzan festival, trade with caution and aviod aggressive long position, is my advise at this juncture.

Trading Strategy: The followers/readers, those who want to take risk then invest partially near 14750-14600 levels in Nifty50 stocks for short to medium term perspective to gain 5-10%. 

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