05.08.21 Thursday, 8.39 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 16195.25, our expected opening band i.e.,16145-16175-16190, on opening move, it made a day low at 16176.15 thereafter, the index moved up and made a day at 16290.20, further the Index moved down near 16200 and moved up once again till day high and closed a day at 16258.80 on a positive note with an intra gain 128.05 points i.e., 0.79%.

What will happen today? Nifty Index may open on a flat to positive note at 16265-16290 if open, trade and sustain above 16290 then, the Index may try to test 16324-16345-16370-16395-16410 levels. On the other hand, the immediate support lies at 16245-16220, if the Index moves below 16220 then, it may try to re-visit 16205-16190-16175-16146-16125-16100-16060-16020 levels.

Special Mention: Yesterday, the Nifty index continued its northward journey and made a new all time high till 16290, a mild intra sell-off dragged near 16200 and closed well above 16255,  today the Nifty index must move above 16290-16325 levels then, it may try to test 16410-16465-16550 levels in the near term. On the other hand, if the Index unable to move and sustain above 16290-16325 then, the brief profit booking may drag the Index to re-test 16146-15962-15780 lerels in the near term. Let see, how the Index opens today at 16265-16290 levels, the volatility may be in a high note, today due to weekly option expiry, tomorrow's RBI MPC bi-monthly meet and week-end factor, trade with due caution and avoid aggressive long position, unless the Index closes above 16290-16325 for three consecutive trading sesssions.

Trading Strategy: The followers/readers, those who invested near 15600-15500 in Nifty50 stocks, may start book profit booking at 16290-16350 levels in Nifty Index or if, the stocks which gives 10-15% profit then, book profit and wait for further dip till 15960-15780 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