08.07.21 Thursday, 8.39 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a flat to positive note at 15819.60, our expected opening band i.e.,15800-15780-15760, on opening move, it made a day low near 15779.70 thereafter, the Index moved up throughout the day and made a day high at 15893.55, closed the day at 15879.65 on a positive bias with an intra gain 61.40 points i.e., 0.39%.

What will happen today? Nifty Index may open on a negative note by tracking the Asian indices at 15835-15805 if open, trade and sustain below 15805 then, the Index may try to re-visit 15780-15745-15700-15685-15668-15635-15610-15560-15535-15505 levels. On the other hand, the immediate resistance seen at 15860-15895, if the Index moves above 15895, then it may test 15915-15935-15970-15995-16024 levels. 

Special Mention: Yesterday, the Nifty index unable to continue the northward journey beyond 15900, at the same time it was not broken the crucial and threshold support level i.e., 15780, made a day low 15779.70 and closed at the highest level i.e, 15879.65 for the first time. Today the Index must take support 15780-15760-15740 then, it may trade in a range between 15740-15915 for some more trading sessions, any weakness below 15740, then the Index may re-visit 15635-15560-15432 levels in the near term. On the other hand, if the Index takes support 15800-15760, then it may try to re-test once again 15900-15915, further up move above 15915 then, the fresh rally may take the Nifty Index to 15970-16024-16070-16150 levels in the near term. Let see, how the Index opens today at 15835-15805 levels, the Intraday volatility may rise till tomorrow, due to today's weekly option expiry and tomorrow's week-end factor, trade with due caution and avoid aggressive long position, unless the Index surpass and closes above 15915-15920 levels.  

Trading Strategy: The followers/readers, follow and adopt  the Buy on dips strategy to re-invest near 15600-15450 levels in the Nifty50 stocks with a short 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