17.08.21 Tuesday, 8.34 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to negative note at 16518.40, our expected opening band i.e.,16375-13690, on opening move, it made a day low 16480.75 thereafter, the index moved up throughout the day and made a day high 16589.40, closed the day at 16563.05 on a positive note with an intra gain 33.95 points i.e., 0.21%.

What will happen today? Nifty Index may open on a flat to positive note at 16560-16590 if open, trade and sustain above 16590 then, the Index may try to test 16620-16655-16685-16710-16740 levels. On the other hand, the immediate support lies at 16545-16522 if, the Index moves below 16522 then, it may try to re-visit 16505-16480-16460-16425-16400-16360-16338-16325 levels.

Special Mention: Yesterday, the Nifty index conitinue the northward journey, made a fresh all time till our threshold resistance levels i.e., 16590, made a high 16589.40 and closed well above 16490, the uptrend is intact as long as it trades and closes above 16490 levels. Today, the Index must surpass 16590-16600 then, it may test 16685-16710-16775 levels, in the near term. On the other hand, if the Index fails to move above 16590-16600 then, the weakness cum sell-off may drag the Index once again till 16480-16450 levels, further weakness below 16450, the Index may re-visit 16360-16225-16162 levels, in the near term. Let see, how the Index opens today at 16560-16590 levels, the intra volatility may be in high note this week, due to tomorrow's weekly option expiry and trading holiday on 19th Aug-Thursday. It looks there may be a short term correction till 16360-16300 is possible, adopt buy on dips strategy till 16300-16160. 

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