30.08.21-Monday, 8.34 am

Good Morning followers & readers 

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 16642.55, our expected opening band i.e.,16660-16685, on opening move, it made a day low 16565.60 thereafter, the Index moved up throughout the day and made a day high 16722.05, further it closed at 16705.20 on a positive note with an intra gain 68.30 points i.e., 0.41%.

What will happen today? Nifty Index may open on a positive note with gap up at 16745-16765-16790 if open, trade and sustain above 16790 then, the Index may try to test 16825-16855-16885 levels. On the other hand, the immediate support lies at 16722-16704 if, the Index moves below 16704 then, it may try to re-visit 16675-16645-16620-16590-16565-16535-16510-16495 levels.

Special Mention: On Friday, the Nifty index moved up and broken our threshold resistance levels 16710, made a fresh all time 16722.05 and closed well above 16700, it looks today the Index may test 16745-16790 levels, further up move may take the Index till 16900-17000 levels in the near term. On the other hand, any weakness near 16745-16790 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 16745-16790 levels, the Intraday volatility may be in high note this week due to tomorrow's month, avoid agressive short position, unless it closes below 16600 levels.

Trading Strategy: The followers/readers, those who re-invested near 16365-16500 levels, try to book profit 16700-16860 levels or if, the stocks gives profit 15-20% and wait for the down move and adopt  buy on dips 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