20.08.21-Friday, 8.49 am

Good Morning followers & readers 

What has happened  on Wedenesday? Nifty Index, as expected and written, opened on a positive note at 16691.95, our expected opening band i.e.,16628-16650, on opening move, it made a high 16701.85 hereafter, the index moved down throughout the day, made a day low 16535.85 and closed at 16568.85 on a negative note with an intra loss -45.75 points i.e., -0.28%.

What will happen today? Nifty Index may open on a negative note with gap down at 16450-16365 if open, trade and sustain below 16365 then, the Index may try to re-visit 16320-16280-16255-16225-16165 levels. On the other hand, the immediate resistance seen at 16490-16535 if, the Index moves above 16535 then, it may try to re-visit 16565-16590-16635-16660-16730 levels.

Special Mention: On Wednesday, the Nifty index conitinued the northward journey and made a fresh all time high near our threshold resistance levels 16710, with a high point at 16701.85 and closed below 16590, I have written on wednesday that, the technical sell-off possible at any time from 16650-16710 levels, as written, the Index dragged by the sell-off till 16535, this sell-off may continue today too, till 16450-16360, further weakness below 16360 then, the index may re-visit 16290-16225-16165 levels very soon. On the other hand, if the Index take support at 16450-16360 then, it may try to move up till 16490-16535, further upmove above 16535 then, the Index may try to re-test 16600-16660-16710 levels in the near term. Let see, how the Index opens today at 16450-16365 levels, the intra volatility may be in high note today, due to week-end factor, avoid any agressive short position and adopt buy on dips strategy till 16360-16165. 

Trading Strategy: The followers/readers, those who booked profit near 16650-16710 levels, try to re-invest partially at 16400-16200 levels in the Nifty50 stocks with a short term perspective for 5-10% return.

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