31.08.21-Tuesday, 8.34 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 16775.85, our expected opening band i.e.,16745-16765-16790, on opening move, it made a day low 16764.85 thereafter, the Index moved up throughout the day, made a day high 16951.60 and closed at 16931.05 on a positive note with an intra gain 225.85 points i.e., 1.35%.

What will happen today? Nifty Index may open on a flat to positive note at 16930-16950 if open, trade and sustain above 16950 then, the Index may try to test 16975-17000-17025-17060-17075-17095 levels. On the other hand, the immediate support lies at 16910-16890-16880 if, the Index moves below 16898 then, it may try to re-visit 16865-16840-16810-16760-16740-16715-16685-16655 levels.

Special Mention: Yesterday, the Nifty index continued the northward jourey beyond 16710, made a fresh all time 16951.50 and closed well above 16880, it looks today the Index may consolidate between 17000-16765 levels, any further move is possible only by breaking either of these levels; above 16950-17000, the Index may test 17060-17115-17230 levels very soon. On the other hand, any weakness near 16880-16765 then, the sell-off once again drag the Index till 16710-16565 levels, further weakness below 16565 then, it may re-visit 16460-16375 levels in the near term. Let see, how the Index opens today at 16930-16950 levels, the Intraday volatility may be in high note this week due to today's month-end factor, avoid agressive short position, unless it closes below 16710 levels and adopt buy on dips strategy. The biref technical sell-off possible at any time this week or by next week till 16700-16565 levels. 

Trading Strategy: The followers/readers, those who re-invested near 16365-16500 levels, try to book profit 16950-17060 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