29.09.21-Wednesday, 8.46 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17906.45, our expected opening band i.e.,17870-17895-17925, on opening move, the Index made a day high 17912.85 thereafter, the Index moved down throughout the day, made a day low 17576.10; further, the intra pull back lifted the Index till 17775 and closed at 17748.60 on a negative note with an intra loss -106.50 points i.e., -0.60%.

What will happen today? Nifty Index may open on a negative note near 17720-17690-17665 if open, trade and sustain below 17665 then, the Index may try to re-visit 17630-17600-17575-17525-17485-17440-17400 levels. On the other hand, the immediate resistance seen at 17780-17805 if, the Index moves above 17805 then, it may try to re-test 17820-17845-17875-17900-17920-17947 levels.

Special Mention: Yesterday, the Nifty index continued the sell-off till our support level i.e., 17565, made a low 17576.10 and closed well below 17792; today, the Nifty index must take support 17720-17665, if the Index moves and sustain below 17665 then, it may re-visit 17576 further, sell-off below 17575-17500, may drag the index till 17475-17400-17325 levels in the near term. On the other hand if, the Index moves above 17800-17850 then, the Index test 17900-17947-18000-18020 levels in the near term. Let see, how the Index opens today at 17720-17690-17665 levels, the intraday volatility may be in high note this week, due to F&O expiry, month-end and quarterly-end factor, trade with due caution at higher levels, is my advise in this juncture. 

Trading Strategy: The followers/readers, those who re-invested near 17500-17350 levels, try to book profit with 10-15% return or if, the Nifty index moves near 18020-18150 levels to book profit and start re-invest at 17500-17300-17060 levels.

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