05.10.21-Tuesday, 8.34 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17615.55, our expected opening band i.e.,17530-17560, on opening move, the Index made a day low 17581.35 thereafter, the Index moved up, made a day high 17750.90, further, the mild intra sell-off dragged down till 17647 and closed at 17691.25 on a positive note with an intra gain 159.20 points i.e., 0.91%.

What will happen today? Nifty Index may open on a flat to negative note near 17690-17660-17635 if open, trade and sustain below 17635 then, the Index may try to re-visit 17600-17565-17530-17495-17455-17435 levels. On the other hand, the immediate resistance seen at 17710-17730-17750 if, the Index moves above 17750 then, it may try to re-test 17780-17795-17820-17845-17875-17910-17945 levels.

Special Mention: Yesterday, the pull back rally lifted the index till 17750 and closed well above 17665, today the Index must move above 17750-17792, if moves and sustains above 17792 then, the pull back rally may continue to re-test 17820-17900-17947, further upmove above 17947, may take the index till 18020-18080-18115-18150 levels in the near term. On the other hand if, the Index fails to move above 17710-17750-17790 then, the weakness cum sell-off, may drag the Index to re-visit 17665-17630-17600-17580-17560-17535-17490-17453-17435 levels in the near term. Let see, how the Index opens today at 17690-17660-17635 levels, the intra volatility may be in high note till this week-end due to, weekly option expiry and RBI MPC Policy meet, which is scheduled on 08th Oct-Friday.

Trading Strategy: The followers/readers, who invested last week try to book profit in a partial manner, if the Nifty Index not moves above 17750-17950 or if, the stocks, which you have bought gives 5-10% profit and stay invested on dips near 17450-17300-17060 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