07.09.21-Tuesday, 8.34 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17399.35, our expected opening band i.e.,17350-17375, on opening move, it made a high 17429.55 thereafter, the Index moved down, made a day low 17345.55 and closed at 17362.50 on a positive note with an intra gain 54.20 points i.e., 0.31%.

What will happen today? Nifty Index may open on a flat to positive note at 17380-17395-17410 if open, trade and sustain above 17410 then, the Index may try to test 17430-17450-17473-17500-17530-17555 levels. On the other hand, the immediate support lies at 17340-17320 if, the Index moves below 17320 then, it may try to re-visit 17280-17245-17225-17200-17180-17160-17140-17095-17056 levels.

Special Mention: Yesterday, the Nifty index continued the northward jourey and made a fresh all time 17429.55 and closed well above 17340, today the index must trade and sustain above 17400-17430 levels, if it moves above 17430 then, it may test 17500-17555-17645-17750 levels very soon. On the other hand, any weakness near 17430-17400 then, the weakness may drag the Index till 17200-17055-16850-16710 levels in the near term. Let see, how the Index opens today at 17380-17395-17410 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 17210-17055-16700 levels; since, the Index is trading at a highly over bought zone, 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 17400-17500 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