23.08.21-Monday, 8.34 am

Good Morning followers & readers 

What has happened on Friday? Nifty Index, as expected and written, opened on a negative note with a gap down at 16382.50, our expected opening band i.e.,16450-16365, on opening move, it made a day low 16376.05 thereafter, the index moved up and made a day high 16509.65 further, the index closed at 16450.50 on a negative note with an intra loss -118.35 points i.e., -0.71%.

What will happen today? Nifty Index may open on a positive note with a gap up by tracking the Asian indices at 16500-16540-16560 if open, trade and sustain above 16560 then, the Index may try to re-visit 16575-16595-16610-16630-16665-16700 levels. On the other hand, the immediate support lies at 16470-16430 if, the Index moves below 16430 then, it may try to re-visit 16410-16390-16375-16340-16315-16290 levels.

Special Mention: On Friday, the Nifty index conitinued the technical sell-off near 16360, as i have written on 17th Aug-Tuesday, today the Index must move above 16560-16600 levels to re-test 16700-16710, any further move above 16710 then, 16790-16865-16900 possible levels in the near term. On the other hand, the Index fails to move above 16560-16600 then, the weakness below 16450-16400, may drag the index till 16365-16225-16165 levels very soon. Let see, how the Index opens today at 16540-16560 levels, avoid agressive short positions and book profit 16550-16600-16625 levels if, any one bought on Friday near 16360 levels.

Trading Strategy: The followers/readers, those who re-invested near 16365 levels on Friday, try to book partially at 16550-16670-16700 levels or if, the stocks gives profit 5-10% and wait for the up movement or further dips.

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