02.08.21 Monday, 8.36 am

Good Morning followers & readers 

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 15800.60, our expected opening band i.e.,15750-15780, on opening move, it made a day low at 15744.85 thereafter, the index moved up and made a day high till 15862.80, further the last hour sell-off once again dragged the Index near the day low and closed the day at 15763.05 on a negative note with an intra loss -15.40 points i.e., -0.10%.

What will happen today? Nifty Index may open on a positive note with gap up by tracking the Asian indices at 15830-15862-15890 if open, trade and sustain above 15890 then, the Index may try to re-test 15915-15935-15962-15985-16005-16025 levels. On the other hand, the immediate support lies at 15805-15780, if the Index moves below 15780 then, it may try to re-visit 15760-15745-15710-15685-15660-15630-15605-15585-15550-15510 levels.

Special Mention: On Friday, the Nifty index continued the pull back rally till 15862.80, but unable to close above our threshold support level i.e., 15780, today the Nifty index must move above 15830-15862 levels then, it may try to re-bound till 15895-15962 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 15830-15862-15895 then, the weakness once again may drag the Index to re-test the panic bottom made on 28th July i.e., 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 15830-15862-15890 levels, the volatility may be in a high note, the entire week, due to RBI MPC bi-monthly meet which is scheduled from 04-06th Aug'21, trade with due caution and avoid aggressive short position, unless the Index breaks and closes below 15780-15740 for three consecutive trading sessions.

Trading Strategy: The followers/readers, those who invested near 15600-15500 in Nifty50 stocks, may start book partial profit booking at 15860-15960 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