17.06.21 Thursday, 8.36 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as written and expected, opened on a negative note at 15847.50, our expected opening band i.e.,15850-15825-15800, on opening move, it made a day high 15880.85 thereafter, the Index moved down throughout the day and made a day low at 15742.60, further it closed at 15767.55 on a negative note with a intra loss -101.70 points i.e., -0.64%.

What will happen today? Nifty Index may open on a negative note with gap down till 15700-15660 if open, trade and sustain below 15660 then, the Index may try to re-visit 15630-15607-15595-15565-15540-15515-15475-15432 levels. On the other hand, the immediate resistance seen at 15740-15780, if the Index moves above 15780 then, the Index may re-test 15825-15855-15880-15900-15920-15955-15995 levels.

Special Mention: Yesterday, the Nifty Index as written and expected, the Island reversal formation confirmed the Index weakness by broken the threshold levels 15800-15780 moved down till 15742.60 and closed well below 15780. The global weakness due to US FED meet held last night, the  FED Chairman hints for the FED Interest rate hike which made the jitter on the Dow Jones and Asian indices, hence the Nifty Index  today may open with a gap down opening till 15700-15660 if, the Index moves below 15700-15660 then, the further weakness may drag the Nifty Index to re-visit 15606-15566-15540-15432 levels in the near term. On the other hand, if the Index take support at 15700-15660 and moves above 15780-15850 then 15920-16000-16070 levels are possible this month, let see. how the Index opens today at 15700-15660 levels, trade with due caution at the lower levels, the Index may see a sharp upmove till 15780-15850 possible, the intra volatility may rise due to today's weekly option expiry and tomorrow week-end factor, avoid aggressive long position or short position, is my advise at this juncture.

Trading Strategy: The followers/readers, those who invested near 15600 or those who holding positions, watch 15800-15920 to move above, else  try to book profit and wait for further correction to re-invest when the Nifty comes down 15600-15450 levels.

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