16.08.21 Monday, 8.34 am

Good Morning followers & readers 

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 16385.70, our expected opening band i.e.,16375-13690, on opening move, it made a day low 16376.30 thereafter, the index moved up and made a day high 16543.60 and closed the day at 16529.10 on a positive note with an intra gain 164.70 points i.e., 1.01%.

What will happen today? Nifty Index may open on a flat to negative note by tracking the Asian indices at 16530-16500-16470 if open, trade and sustain below 16470 then, the Index may try to re-visit 16435-16415-16395-16375-16360-16330-16310 levels. On the other hand, the immediate resistance seen at 16545-16590 if, the Index moves above 16590 then, it may try to test 16625-16655-16686-16710 levels.

Special Mention: On Friday, the Nifty index conitinue the northwards journey, made a fresh all time 16543.60 and closed well above 16360; for the second consecutive trading sessions, it infers that, the upmove is intact as long as it trades and closes above 16490-16360 levels. Today, the Index must move above 16545-16590  then, it may test 16685-16710-16775 levels, in the near term. On the other hand, if the Index fails to surapss 16500-16545 then, the weakness cum sell-off may drag the Index till 16430-16310-16225-16162 levels in the near term. Let see, how the Index opens today at 16530-16500-16470 levels, the intra volatility may be in high note this week, due to a trading holiday on 19th Aug-Thursday, adopt buy on dips strategy till 16300-16160-16000. 

Trading Strategy: The followers/readers, those who invested near 15600-15500 in Nifty50 stocks, book profit at 16500-16700 levels in Nifty Index or if, the stocks which gives 10-15-20% profit then, book the profit and wait for further dip till 16300-16000 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