02.09.21-Thursday, 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 17185.60, our expected opening band i.e.,17130-17150, on opening move, it moved up till 17225.75 thereafter, the Index witnessed a intra sell-off, made a day low 17055.05 and closed at 17076.25 on a negative note with an intra loss -55.95 points i.e., -0.33%.

What will happen today? Nifty Index may open on a positive note at 17095-17120-17150 if open, trade and sustain above 17150 then, the Index may try to test 17175-17190-17205-17225-17280-17305-17345 levels. On the other hand, the immediate support lies at 17055-17030 if, the Index moves below 17030 then, it may try to re-visit 17000-16975-16950-16935-16915-16895-16850-16820 levels.

Special Mention: Yesterday, the Nifty index though, it continued the northward jourey and made a fresh all time 17225.75, but as written yesterday, the technical sell-off dragged the Index till 17055 and closed well above 17060, today the index must trade and sustain above 17150-17170 levels, if it moves above 17170 then, it may re-test 17225, further move above 17225 then, 17280-17390-17500 levels are possible in the near term. On the other hand, any weakness near 17055-17000 then, the sell-off may continue to drag the Index till 16850-16710-16565 levels very soon. Let see, how the Index opens today at 17095-17120-17150 levels, the Intraday volatility may be in high note due to today's weekly option expiry and tomorrow's week-end factor, avoid agressive long position, unless it closes above 17170-17225 levels and adopt buy on dips strategy till 16900-16710. It looks the anticipated technical sell-off may continue for couple of trading sessions till 17000-16900-16700 levels, let us hope for that and 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