09.09.21-Thursday, 8.34 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17375.75, our expected opening band i.e.,17390-17420, on opening move, it made a high 17383.40 thereafter, the Index moved down, made a day low 17254.20 and closed at 17353.50 on a negative note with an intra marginal loss -8.60 points i.e., -0.05%.

What will happen today? Nifty Index may open on a flat note at 17350-17375 if open, trade and sustain above 17375 then, the Index may try to test 17420-17436-17455-17473-17500-17530-17555 levels. On the other hand, the immediate support lies at 17325-17305 if, the Index moves below 17305 then, it may try to re-visit 17290-17270-17255-17225-17210-17175-17155-17140-17095-17056 levels.

Special Mention: Yesterday, the Nifty index unable to continue the northward journey, as written the weakness at the higher levels, dragged the Index till 17254 and  closed below 17360, today the index must trade and sustain above 17385-17420-17436 levels, if move above 17436, then it may test 17500-17555-17645-17750 levels very soon. On the other hand, any weakness near 17325-17285 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 17350-17375 levels, the Intraday volatility may be in high note today due to long week-end and weekly option expiry, as written yesterday, it looks the technical sell-off started, this sell-off may be intensfied below 17250-17200 levels, if moves below 17200 then, the Index may re-visit 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