18.08.21 Wednesday, 8.34 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a negative note at 16545.25, our expected opening band i.e.,16560-16590, on opening move, it made a high 16591 thereafter, the index moved down and made a day low 16495.40 further, it moved up on the last hour, made a day high 16628.95 and closed at 16614.60 on a positive note with an intra gain 51.55 points i.e., 0.31%.

What will happen today? Nifty Index may open on a positive note at 16628-16650 if open, trade and sustain above 16650 then, the Index may try to test 16681-16710-16745-16790 levels. On the other hand, the immediate support lies at 16615-16600-16590 if, the Index moves below 16590 then, it may try to re-visit 16565-16545-16525-16510-16495-16480-16460 levels.

Special Mention: Yesterday, the Nifty index conitinued the northward journey, broken our threshold resistance levels i.e., 16590, made a fresh all time high 16628.55 and closed well above 16590, the uptrend is intact as long as it trades and closes above 16590 levels. Today, the Index must surpass 16628-16650 then, it may test 16685-16710-16775 levels, in the near term. On the other hand, if the Index fails to move above 16650-16710 then, the weakness cum sell-off may drag the Index once again till 16590-16460 levels, further weakness below 16460, the Index may re-visit 16360-16225-16162 levels, in the near term. Let see, how the Index opens today at 16628-16650 levels, the intra volatility may be in high note this week, due to today's weekly option expiry and tomorrow's trading holiday. It looks the short term technical sell-off is possible from 16650-16710 levels, it may drag the Nifty Index till 16450-16365 levels, adopt buy on dips strategy till 16450-16360. 

Trading Strategy: The followers/readers, those who invested near 15600-15500 in Nifty50 stocks, book profit at 16600-16710 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