01.09.21-Wednesday, 8.34 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on a flat to positive note at 16947.50, our expected opening band i.e.,16930-16950, on opening move, it moved near 17k mark thereafter, the Index witnessed a mild intra sell-off, made a day low 16915.85 further, the Index moved up once again, made  a day high 17153.50 and closed at 17132.20 on a positive note with an intra gain 201.15 points i.e., 1.19%.

What will happen today? Nifty Index may open on a flat note at 17130-17150 if open, trade and sustain above 17150 then, the Index may try to test 17170-17195-17225-17250-17280-17305 levels. On the other hand, the immediate support lies at 17116-17085 if, the Index moves below 17085 then, it may try to re-visit 17060-17027-17005-16980-16950-16915-16895-16850 levels.

Special Mention: Yesterday, the Nifty index continued the northward jourey beyond 17000, made a fresh all time 17153.50 and closed well above 17000, it looks today the Index may consolidate between 17150-16900 levels, unless it moves above 17150, if the Index moves above 17150-17170 then, it may test 17225-17280-17390-17500 levels very soon. On the other hand, any weakness near 17130-17150 then, the sell-off once again may drag the Index till 17000-16850-16710-16565 levels in the near term. Let see, how the Index opens today at 17130-17150 levels, the Intraday volatility may be in high note due to tomorrow's weekly option expiry and Friday's week-end factor, avoid agressive long position, unless it closes above 17170 levels and adopt buy on dips strategy till 16900-16710. The biref technical sell-off possible at any time this week or by next week till 16900-16700 levels, trade with due caution is my advise in this juncture.

Trading Strategy: The followers/readers, those who re-invested near 16365-16500 levels, try to book profit 17100-17280 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