24.08.21-Tuesday, 8.34 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note with a gap up at 16592.25, our expected opening band i.e.,16500-16560, on opening move, it made a day high 16592.50 thereafter, the index moved down and made a day low 16395.70 further, the index closed at 16496.45 on a positive note with an intra gain 45.95 points i.e., 0.28%.

What will happen today? Nifty Index may open on a positive note with a gap up by tracking the Asian indices at 16540-16570-16590 if open, trade and sustain above 16590 then, the Index may try to re-visit 16610-16630-16645-16665-16700-16745-16790 levels. On the other hand, the immediate support lies at 16490-16445 if, the Index moves below 16445 then, it may try to re-visit 16420-16395-16375-16345-16315-16290 levels.

Special Mention: Yesterday, the Nifty index continued the pull back till 16600, made a day high 16592.50, but the intra sell-off dragged once again till 16395 and closed well above 16490, today the Index must move above 16550-16600 levels, above 16600 then, 16650-16700-16790 possible levels in the near term. On the other hand, the Index fails to move above 16570-16600 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 16540-16570-16590 levels. The Intraday volatility may be in high note due to F&O expiry falls this week,  avoid agressive short position.

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