What has happened on Tuesday? Nifty Index, as expected and written, opened on a negative note at 17001.55, our expected opening band i.e.,17010-16995-16940, on opening move, the Index made a day low 16836.80 thereafter, the Index moved up throughout the day, made a day high 17309.15 and closed at 17277.95 on a positive note with an intra gain 128.85 points, i.e., 0.75%.
What will happen today?
Nifty Index: Today, the Nifty Index may open on a negative note with gap down by tracking the Asian indices, near 17075-17000-16950 if open, trade and sustain above 17075-17150 then, the Index may try to test 17200-17255-17285-17310-17340-17375-17405-17435-17475 levels. On the other hand, the immediate support lies at 16945-16890 if, the Index moves below 16890 then, it may visit 16836-16780-16710-16688-16640-16600-16525-16460-16410 levels.
Special Mention: On Tuesday, the Nifty Index moved down till our threshold support levels, i.e., 16835, made a low 16836.80 further, moved up till 17309 and closed well above 17150 levels; today, the Index may try to take support near 16950-16885-16835 levels, further move below 16835 then, the Index may continue it's sell-off to re-visit 16710-16688-16550-16410 levels very soon. On the other hand if, the Index takes support near 16950-16888-16835 and moves above 17000-17150 then, it may try to re-test 17310--17485-17600 levels in the near term. Let see, how the Index opens today at 17075-17000-16950 levels. The intra volatility already in elevated levels, the volatility may rule the Index, due to F&O Expiry and tomorrow's week-end factor.
Nifty Bank Index: Nifty Bank index on Tuesday, opened at 36598.05, on the opening move, it made a day low 36415.60 thereafter, it moved up, made a day high 37788.80 and closed on a positive note at 37706.75 with an intra gain 759.20 points, i.e,,2.05%, today the Nifty Bank Index must move above 37760-37880-37905, if to do so, then it may try to re-test 38020-38130-38160-38220-38330-38450 levels. On the other hand, any weakness near 37760-37880 or if, moves below 37385-37320 then, the Index may re-visit 37100-36960-35850-36740-36660-36575-36415-36375-36270-36140-36000 levels.
Trading Strategy: The members/followers/readers, those who booked profit near 18350 levels, try to start re-invest near 17000-16680-16410 levels in Nifty100 stocks with medium term perspective to gain 9-15%.
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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