What has happened on Thursday? Nifty Index, contrary to our expectation, opened on a negative note at 17312.85, our expected opening band i.e.,17350-17375, on opening move, it made a low 17302.70 thereafter, the Index moved up, made a day high 17379.65 and closed at 17369.25 on a positive note with an intra gain 15.75 points i.e., 0.09%.
What will happen today? Nifty Index may open on a flat note 17370-17350 if open, trade and sustain below 17350 then, the Index may try to re-visit 17330-17300-17280-17270-17255-17225-17210-17175-17155-17140-17095-17056 levels. On the other hand, the immediate resistance seen at 17380-17400 if, the Index moves above 17400 then, it may try to re-test 17420-17436-17455-17473-17500-17530-17555 levels.
Special Mention: On Thursday, the Nifty index unable to cross 17385 and not moved below 17300, it was traded in narrow range and closed well above 17360, today the index must trade and sustain above 17385-17400-17436 levels, if move above 17436, then it may test 17500-17555-17645-17750 levels very soon. On the other hand, any weakness near 17300-17250 then, the sell-off may drag the Index till 17200-17055-16850-16710 levels in the near term. Let see, how the Index opens today at 17370-17350 levels, it looks the technical sell-off may be intensfied only below 17250-17200 levels, if moves below 17200 then, the Index may re-visit 17055 levels; unless it moves below 17300-17255 and moves above 17400-17436, once again it may continue the northward journey to test 17500-17750 levels, 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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