12.05.21 Wednesday, 8.39 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on negative note with gap down at 14789.70, our expected opening band i.e.,14840-14815, on opening move, it took support near our support level i.e., 14765, made day low 14771.40 thereafter, the Index moved up near our resistance level i.e., 14910 made day high 14900 and closed at 14850.75 on negative note with intra loss 91.60 points i.e., -0.61%.

What will happen today? Nifty Index may open on flat to negative note at 14855-14810 if open, trade and sustain below 14810 then, the Index may try to re-visit 14770-14745-14720-14695-14625-14610-14585-14545 levels. On the other hand, the immediate resistance seen at 14900-14935, if the Index moves above 14935 then, the Index may re-test 14966-14985-15045-15105-15155-15220 levels. 

Special Mention: Yesterday, the Nifty Index unable to continue the pull back rally, as written and expected the technical sell-off due to global weakness dragged the Index till our threshold first level support near 14765, though it moved up till 14900, but unable to close above 14865, today if the Index moves above 14900-14966 then it may try to re-test 15045-15220-15330 in the near term. On the other hand, if the Index fails to move above 14900-14966 and moves below 14865-14810 then, the Index once again re-visit 14770-14695-14415 in the near term, let see how the Index opens today at 14855-14810 levels. The Intra volatility as expected and written yesterday was high, today also it may rise due to option weekly expiry, trade with caution 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 14750-14620-14415 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