08.09.21-Wednesday, 8.34 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17401.55, our expected opening band i.e.,17380-17410, on opening move, it made a low 17287 thereafter, the Index moved up, made a day high 17436.50 and closed at 17362.50 on a negative note with an intra loss -15.70 points i.e., -0.09%.

What will happen today? Nifty Index may open on a flat to positive note at 17390-17420 if open, trade and sustain above 17420 then, the Index may try to test 17436-17455-17473-17500-17530-17555 levels. On the other hand, the immediate support lies at 17350-17320 if, the Index moves below 17320 then, it may try to re-visit 17285-17245-17225-17200-17180-17150-17140-17095-17056 levels.

Special Mention: Yesterday, the Nifty index continued the northward jourey and made a fresh all time 17436.50 and closed well above 17360, today the index must trade and sustain above 17435-17455-17475 levels, if it moves above 17475 then, it may test 17500-17555-17645-17750 levels very soon. On the other hand, any weakness near 17345-17290 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 17390-17420 levels, the Intraday volatility may be in high note this week due to tomorrow's weekly option expiry and long week-end, as written yesterday, it looks the technical sell-off may start 17430-17500-17555 levels, this sell-off may be intensfied below 17285-17250 levels, if moves below 17250 then, the Index may re-visit 17200-17055 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 1743-17500 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