12.08.21 Thursday, 8.34 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 16327.30, our expected opening band i.e.,16320-16350, on opening move, it made a day high 16338.75 thereafter, the index moved down and made a day low 16162.55 further, the Index pulled back once again till 16290 and closed the day at 16282.25 on a flat to positive note with an intra marginal gain 2.15 points i.e., 0.01%.

What will happen today? Nifty Index may open on a positive note at 16305-16325-16338 if open, trade and sustain above 16338 then, the Index may try to test 16360-16390-16410-16430-16450-16467-16495-16510 levels. On the other hand, the immediate support lies at 16290-16240-16225, if the Index moves below 16240 then, it may try to re-visit 16205-16176-16160-16145-16115-16075-16035-16000-15962 levels.

Special Mention: Yesterday, the Nifty index unable to continue its northward journey, since 05th Aug, the Index trying to break 16350 but the weakness dragged the Index till 16200 every time, yesterday, it moved below 16176 briefly, made a low 16162.55 and bounced once again till 16290 and closed well above 16225; it infers that, unless the index not trade and closes above 16360 levels then, the weakness may drag once again till 16150-15965 levels very soon. On the other hand, if the Index able to move above 16360-16410 then, the Index may 16465-16595-16710 levels in the near term. Let see, how the Index opens today at 16305-16325-16338 levels, the intra volatility may be in high note, due to today's weekly option expiry and tomorrow's week-end factor. 

Trading Strategy: The followers/readers, those who invested near 15600-15500 in Nifty50 stocks, may start book profit booking at 16350-16465 levels in Nifty Index or if, the stocks which gives 10-15% profit then, book profit and wait for further dip till 15965-15780 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