06.08.21 Friday, 8.39 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 16288.95, our expected opening band i.e.,16265-16290, on opening move, it made a day low at 16210.30 thereafter, the index moved up and made a day high at 16349.45, further the Index closed the day at 16294.60 on a positive note with an intra gain 35.80 points i.e., 0.22%.

What will happen today? Nifty Index may open on a flat to positive note at 16295-16325 if open, trade and sustain above 16325 then, the Index may try to test 16349-16370-16390-16410-16430-16465 levels. On the other hand, the immediate support lies at 16270-16245-16225, if the Index moves below 16225 then, it may try to re-visit 16210-16190-16175-16146-16125-16105-16060-16030-16000-15962 levels.

Special Mention: Yesterday, the Nifty index continued its northward journey and made a new all time high till 16349.45 and closed well above 16290, today the Nifty index must move above 16325-16350 levels then, it may try to test 16400-16465-16550 levels in the near term. On the other hand, if the Index unable to move and sustain above 16295-16325 then, the brief profit booking may drag the Index to re-test 16146-15962-15780 levels in the near term. Let see, how the Index opens today at 16295-16325 levels, the intra volatility may be in a high note today, due to 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 sessions. The Reserve Bank of India, in today's meet, may maintain status quo in the Repo-rate at 4%, we should watch their comments on the inflation, their view on the economy or any further stimulus package to revive the economy.

Trading Strategy: The followers/readers, those who invested near 15600-15500 in Nifty50 stocks, may start book profit booking at 16290-16350-16470 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