01.12.21-Wednesday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a flat note at 17051.50, our expected opening band i.e.,17075-17045, on opening move, the Index moved up, made a day high 17324.65 thereafter, the Index moved down by a sell-off till 16931.20 and closed at 16983.15 on a negative note with an intra loss -70.75 points, i.e., -0.41%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a positive note near 17080-17120 if open, trade and sustain above 17120 then, the Index may try to re-test 17170-17215-17250-17280-17325-17355-17395-17425 levels. On the other hand, the immediate support lies at 17050-17025, if the Index moves below 17025 then, it may re-visit 16990-16975-16950-16930-16905-16880-16845-16825-16785 levels.

Special Mention: Yesterday, the Nifty Index moved up near our threshold resistance levels i.e.., 17350, made a day high 17326.45, the sell-off once again dragged till 16931.20 and closed well below 17050 today, the Index must move above 17075-17160, further move above 17160, the pull back rally may continue till 17350-17450-17600 in the near term. On the other hand if, the Index unable to move above 17160-17215-17350 and moves below 17000-16930 then, the weakness may drag the Index to re-vist till 16880-16760-16660 levels very soon. Let see, how the Index opens today at 17080-17120 levels, the Intra volatility may be in a high note due to tomorrow's option expiry and Friday's week-end factor. The Indian GDP data for Q2(Jul-Sep'21) released yesterday, it stood at 8.40%, as against the Q1 GDP 20.10%, the GDP number is at par with the street expectation, since the low base effect. 

Nifty Bank Index: Nifty Bank index yesterday, opened at 35958.80, on the opening move, it moved up, made a day high 36774.20 thereafter, it moved down  throughout the day, made a day low 35526.35 and closed 35695.30, today the Nifty Bank Index must move above 35750-35820, further up move above 35820 then, it may re-test 35950-36020-36150-36230-36400-36510-36640-36775 levels. On the other hand, the any weakness below 35670-35530 then, the Index may be dragged to re-visit 35430-35330-35180-35070 levels.

Trading Strategy: The members/followers/readers, those who booked profit near 18100-18200 levels, start invest 17000-16700 for a short to medium term perspective to gain 5-10% in Nifty top 100 stocks.

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.