04.06.21 Friday, 8.36 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as written and expected, opened on postive note at 15655.55, our expected opening band i.e.,15635-15660, on opening move, made high 15682 thereafter, the Index moved down, made a day low at 15611, further the last hour pull back took the Index up, made a day high 15705.10 and closed at 15690.35 on positive note with  intra gain 114.15 points i.e., 0.73%.

What will happen today? Nifty Index may open on flat note at 15690-15660 if open, trade and sustain below 15660 then, the Index may try to re-visit 15645-15610-15585-15550-15525-15505-15470-15432-15395 levels. On the other hand, the immediate resistance seen at 15720-15735, if the Index moves above 15735 then, the Index may test 15780-15805-15825-15850-15885-15920 levels. 

Special Mention: Yesterday, the Index started the northward journey and made a fresh all time high at 15705 and close well above 15660, today the Nifty Index must move and sustain above 15730-15780 to reach 15850-15920-16000 levels in the near term. On the other hand, if the Index not able to trade and sustain above 15730-15780 then, the weakness may drag the Index till 15600-15432-15375 levels in the near term, let see. how the Index opens today at 15690-15660 levels. Today the RBI MPC meet is scheduled at 10 AM, we expect a status quo on the Repo Rate, we should watch the RBI Governor stance on the economy and monetary stimulus measures if any, to tackle the Covid 2.0, the intra volatility may rise today due to RBI MPC meet and week-end factor, hence trade with due caution, aviod aggressive long position. 

Trading Strategy: The followers/readers, those who invested in Nifty50 stocks near 14650 try to book profit near 15660-15780 levels or with the return of 15-20%. 

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