06.09.21-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 17262.45, our expected opening band i.e.,17240-17281, on opening move, it made a high 17310 thereafter, the Index moved down, made a day low 17212.20, further the Index moved up and made a day high 17340.10 further, it closed at 17323.60 on a positive note with an intra gain 89.45 points i.e., 0.52%.

What will happen today? Nifty Index may open on a positive note at 17340-17355-17375 if open, trade and sustain above 17375 then, the Index may try to test 17391-17405-17430-17450-17473-17500 levels. On the other hand, the immediate support lies at 17305-17270 if, the Index moves below 17270 then, it may try to re-visit 17245-17225-17210-17180-17160-17135-17095-17056 levels.

Special Mention: On Friday, the Nifty index continued the northward jourey and made a fresh all time 17340.10 and closed well above 17281, today the index must trade and sustain above 17340-17375-17390 levels, if it moves above 17390 then, it may test 17500-17750 levels very soon. On the other hand, any weakness near 17340-17375-17390 then, the weakness may drag the Index till 17000-16850-16710 levels in the near term. Let see, how the Index opens today at 17340-17355-17375 levels, the Intraday volatility may be in high note this week due to long week-end, the technical indicators shows that any time we can expect a minor price correction till 17000-16700 levels; since, the Index is trading at a highly over bought zone, whether this technical price correction from 17350 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