29.07.21 Thursday, 8.39 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 15761.55, our expected opening band i.e.,15760-15780, on opening move, it made a day high at 15767.50 thereafter, the Index moved down and made a  day low till 15513.45, further the pull back inra rally lifted till 15720 and closed the day at 15709.45 on a negative note with an intra loss -37.05 points i.e., -0.24%.

What will happen today? Nifty Index may open on a flat to positive note 15710-15740 if open, trade and sustain above 15740 then, the Index may try to re-test 15780-15800-15835-15855-15885-15900-15935-15962 levels. On the other hand, the immediate support lies at 15690-15660-15635, if the Index moves below 15635  then, it may try to re-visit 15610-15575-15545-15510-15475-15450 levels.

Special Mention: Yesterday, the Nifty index continued the panic sell-off till our final support level i.e., 15510, made a day low 15513.45, but the intra pull back rally lifted the Index once again till 15720 and closed well below our threshold support level i.e., 15780, today the Nifty index must break 15780-15835 levels then, it may try to re-bound till 15885-15962 levels, further move above 15962, may take the Index to test 16025-16070-16145-16220 levels in the near term. On the other hand, if the Index unable to trade and sustain above 15780-15835 then, the weakness once again may drag the Index to re-test the panic bottom made yesterday till 15513, further weakness below 15510 levels then, the Index will re-visit till 15432 levels in the near term. Let see, how the Index opens today at 15710-15740 levels, the intra volatility may be in a high note this week, due to today's F&O Expiry and tomorrow's week-end factor, trade with due caution and avoid aggressive short position, unless the Index breaks and closes below 15632-15580 levels. Yesterday, the US FED maintained status quo on their FED Interest as low as 0.25%, they may not rise the interest rate and may continue the economic stimulus for some more time, this was confirmed yesterday by their FED chair person Jerome Powel.  

Trading Strategy: The followers/readers, those who invested near 15600-15500 in Nifty50 stocks, may start book partial profit booking at 15800-15900 levels in Nifty Index or if, the stocks which gives 5-10% profit then, book partially and wait for further dip till 15500-15400 levels to invest further.

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