09.08.21 Monday, 8.34 am

Good Morning followers & readers 

What has happened on Friday? Nifty Index, as expected and written, opened on a flat to positive note at 16304.40, our expected opening band i.e.,16295-16325, on opening move, it made a day high 16336.75 thereafter, the index moved down throughout the day and made a day low 16223.30, further the Index closed the day at 16238.20 on a negative note with an intra loss -56.40 points i.e., -0.35%.

What will happen today? Nifty Index may open on a flat to positive note at 16250-16275-16290 if open, trade and sustain above 16290 then, the Index may try to test 16305-16320-16336-16349-16370-16390-16410-16430-16465 levels. On the other hand, the immediate support lies at 16225-16210-16190 if the Index moves below 16190 then, it may try to re-visit 16175-16146-16130-16105-16060-16030-16000-15962-15930 levels.

Special Mention: On Friday, the Nifty index unable to continue its northward journey, the consolidation move ended with an inside day pattern i.e., neither broken  the previous day high, nor the previous day low; it infers, the indecisiveness at the high level, today the Nifty index must move above 16290-16336-16350 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 16290-16350 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 16250-16275-16290 levels, avoid aggressive long position, unless the Index closes above 16350 for three consecutive trading sessions. 

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