08.10.21-Friday, 8.34 am

Good Morning followers & readers 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note with gap up at 17810.55, our expected opening band i.e.,17720-17760-17790, on opening move, the Index made a day low 17763.80 thereafter, the Index moved up and made a day high 17857.55, the Index traded in a narrow range, the last hour mild intra sell-off dragged till 17780 and closed at 17790.35 on a positive note with an intra gain 144.35 points i.e., 0.82%.

What will happen today? Nifty Index may open on a posiitive note near 17850-17885 if open, trade and sustain above 17885 then, the Index may try to test 17915-17945-17985-18015-18050-18085 levels. On the other hand, the immediate support lies at 17830-17790 if the Index moves below 17790 then, it may re-visit 17760-17735-17700-17670-17645-17620-17565 levels.

Special Mention: Yesterday, the pull back rally unable to break 17885, the Index traded in a narrow movement and closed at 17790, today it looks the Index may move above 17855-17885, if the Index moves above 17885, 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 17885-17915-17945 and moves below 17830-17790 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 17850-17885 levels, the intra volatility may be in high note due to, today's RBI MPC Policy meet & week-end factor, the RBI may maintain status quo on the repo-rate, we should hear what the RBI Governor says about the Economy & Inflatiion forecasting.

Trading Strategy: The followers/readers, who invested last week try to book profit in a partial manner, if the Nifty Index not moves above 17850-17950 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