13.08.21 Friday, 8.34 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 16303.65, our expected opening band i.e.,16305-16325-16338, on opening move, it made a day low 16286.90 thereafter, the index moved up and made a day high 16375.50 and closed the day at 16364.40 on a positive note with an intra gain 82.15 points i.e., 0.50%.

What will happen today? Nifty Index may open on a flat to positive note at 16360-16375-16390 if open, trade and sustain above 16390 then, the Index may try to test 16410-16430-16455-16467-16480-16495-16515-16555 levels. On the other hand, the immediate support lies at 16320-16290, if the Index moves below 16290 then, it may try to re-visit 16255-16225-16200-16176-16160-16145-16120-16075-16045-16000 levels.

Special Mention: Yesterday, the Nifty index once again moved toward northwards, made a fresh all time 16375.50 and closed well above 16360; it infers that, the upmove is intact as long as it trades and closes above 16290-16360, today, the Index must move above 16375-16410  then, it may test 16465-16595-16710 levels in the near term. On the other hand, if the Index fails to surapss 16375-16410 then, the weakness cum sell-off may drag the Index till 16290-16225, further weakness below 16225 may drag the Index 16165-16100-15965 levels in the near term. Let see, how the Index opens today at 16360-16375-16390 levels, the intra volatility may be in high note, due to week-end factor, adopt buy on dips strategy till 16290-16225-16175. 

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