06.10.21-Wednesday, 8.34 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 17661.35, our expected opening band i.e.,17690-17660-17635, on opening move, the Index made a day low 17640.90 thereafter, the Index moved up throughout the day and made a day high 17833.45, further, the Index closed at 17822.30 on a positive note with an intra gain 131.05 points i.e., 0.74%.

What will happen today? Nifty Index may open on a flat note near 17830-17810-17790 if open, trade and sustain below 17790 then, the Index may try to re-visit 17750-17720-17685-17640-17615-17590-17545 levels. On the other hand, the immediate resistance seen at 17845-17875 if, the Index moves above 17875 then, it may try to test 17910-17947-17985-18000-18030-18070 levels.

Special Mention: Yesterday, the pull back rally continued till 17833 and closed well above 17792, today the Index must move above 17835-17875, if moves and sustains above 17875 then, the pull back rally may continue to re-test the all time high 17947, further upmove above 17947, may take the index till 18030-18075-18150 levels in the near term. On the other hand if, the Index fails to move above 17830-17875 and moves below 17792-17715 levels then, the weakness cum sell-off, may drag the Index to re-visit 17640-17590-17452-17435 levels in the near term. Let see, how the Index opens today at 17830-17810-17790 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 17800-17950 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