03.09.21-Friday, 8.34 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17095.40, our expected opening band i.e.,17095-17150, on opening move, it made a day low 17059.40 thereafter, the Index moved up, made a day high 17245.50 and closed at 17234.15 on a positive note with an intra gain 157.90 points i.e., 0.92%.

What will happen today? Nifty Index may open on a positive note at 17245-17270-17281 if open, trade and sustain above 17281 then, the Index may try to test 17310-17335-17345-17390-17420-17445 levels. On the other hand, the immediate support lies at 17225-17190 if, the Index moves below 17190 then, it may try to re-visit 17155-17130-17105-17080-17056-17030-17000-16965 levels.

Special Mention: Yesterday, the Nifty index re-bound from 17060 levels and continued the northward jourey and made a fresh all time 17245.30 and closed well above 17225, today the index must trade and sustain above 17245-17281 levels, if it moves above 17281 then, it may test 17390-17500 levels very soon. On the other hand, any weakness near 17245-17281 then, the weakness may drag the Index till 17000-16850-16710 levels in the near term. Let see, how the Index opens today at 17245-17281 levels, the Intraday volatility may be in high note due to today's week-end factor, avoid agressive long position, unless it closes above 17281 levels and adopt buy on dips strategy till 17000-16710. The technical indicators shows that any time we can expect a minor price correction till 17000-16700 levels; since, the Index trading at a highly over bought zone, whether this technical price correction from 17300 or 17500 levels is the question lingering in my mind, hence 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 full profit 17280-17390-17500 levels or if, the stocks gives profit 20-30% 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