27.08.21-Friday, 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 16627.95 our expected opening band i.e.,16625-16590, on opening move, it made a day high 16683.70 thereafter, the Index traded in the narrow range and made a day low 16603.40, further it closed at 16636.90 on a positive note with an intra marginal gain 2.25 points i.e., 0.01%.

What will happen today? Nifty Index may open on a positive note at 16660-16685 if open, trade and sustain above 16685 then, the Index may try to test 16710-16730-16750-16775-16790-16825. On the other hand, the immediate support lies at 16635-16600 if, the Index moves below 16600 then, it may try to re-visit 16580-16560-16535-16510-16495-16460-16410-16376 levels.

Special Mention: Yesterday, the Nifty index traded in a consolidation mode with narrow movement and not broken either 16710 or 16590 levels, further it closed well above 16625 levels, today the Index must surpass and sustain above 16710 then, it may test 16865-16900-17000 levels in the near term. On the other hand, any weakness near 16710 then, the sell-off once again drag the Index till 16600-16500 levels, further weakness below 16500 then, it may re-visit 16375-16160 levels in the near term. Let see, how the Index opens today at 16660-16685 levels, the Intraday volatility may be in high note due to week-end factor, avoid agressive short position, unless it closes below 16600 levels; as well as, long position until the Index surpass and closes above 16710 levels.

Trading Strategy: The followers/readers, those who re-invested near 16365 levels, try to book profit 16700-16860 levels or if, the stocks gives profit 10-15% and wait for the down move and adopt  buy on dip strategy.

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