09.02.22-Wednesday, 8.34 am

Good Morning Members

What has happened on yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 17279.85, our expected opening band i.e.,17210-17185, on opening move, the Index moved up, made a day high 17306.45 thereafter, the Index moved down, made a day low 17043.65 with a highly volatile move the index moved up near day high and closed at 17266.75 on  a positive note with an intra gain 53.15 points, i.e., 0.31%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a positive note near 17310-17330-17375 if open, trade and sustain above 17375 then, the Index may try to re-test 17415-17445-17460-17500-17540-17575-17595-17605-17635-17670-17705-17745-17795 levels. On the other hand, the immediate support lies at 17245-17210 if, the Index moves below 17210 then, the index may tru to re-visit 17175-17145-17105-17075-17045-17105-16975-16950 levels.

Special Mention: Yesterday, the Nifty Index continued the sell-off for the fourth day, made a low 17043.65 levels and closed well above 17245 levels; today, the Index may try to move up above 17310-17330-17375 levels, if it moves above 17375 then, the Index may continue it's pull back rally till 17595-17650-17795-18085 levels in the near term. On the other hand, if the Index unable to move above 17330-17375 and moves below 17220-17145 then, it may try to re-visit 17045-16950-16835 levels very soon.  Let see, how the Index opens today at 17310-17330-17375 levels. The intra volatility may be in a high note this week due to tomorro's RBI MPC meet, Option weekly expiry and Friday's week-end factor.

Nifty Bank Index: Nifty Bank index yesterday, opened at 38176.10, on the opening move, it made a day high 38222.10 thereafter, it moved down, made a day low 37319.05 and closed on a positive note at 38028.45 with an intra gain 33 points, i.e,,0.09%, today the Nifty Bank Index must move above 38120-38220 if to do so, then it may try to re-test 38370-38495-38620-38715-38805-38890-38975-39080-39185-39330-39445 levels. On the other hand, any weakness near 38125-38220 or if, moves below 37960-37820 then, the Index may re-visit 37720-37665-37600-37570-37530-37425-37320-37210-37075-37015 levels.

Trading Strategy: The members/followers/readers, those who booked the profit near 17800 levels, try to re-invest near 17100-16800 in Nifty 100 stocks for a medium term perspective to gain 5-10%.

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.