07.10.21-Thursday, 8.34 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 17861.50, our expected opening band i.e.,17830-17790, on opening move, the Index made a day high 17884.60 thereafter, the Index moved down throughout the day and made a day low 17613.15, further, the Index closed at 17646 on a negative note with an intra loss -176.30 points i.e., -0.99%.

What will happen today? Nifty Index may open on a posiitive note with gap up by tracking the Asian Indices near 17720-17760-17790 if open, trade and sustain above 17790 then, the Index may try to re-visit 17835-17885-17920-17947 levels. On the other hand, the immediate support lies at 17695-17650-17620-17585-17550-17500-17475-17435 levels.

Special Mention: Yesterday, though the pull back rally continued till 17884.80, but unable to sustain at the higher levels, the global weakness dragged the Index once again till 17613 and closed well below 17790, today it looks the Index may move above 17790-17800, it must close today and tomorrow above 17790-17800 levels, then it may 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 17790-17800-17885 and moves below 17700-17620 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 17720-17760-17790 levels, the intra volatility may be in high note due to, today's weekly option expiry and tomorrow's RBI MPC Policy meet.

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