11.02.22-Friday, 8.34 am

Good Morning Members

What has happened on yesterday? Nifty Index, as expected and written, opened on a positive note at 17554.10, our expected opening band i.e.,17490-17510-17540, on opening move, the Index moved down, made a day low 17427.15 thereafter, the Index moved up, made a day high 17639.45 and closed at 17605.85 on  a positive note with an intra gain 142.05 points, i.e., 0.81%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a negative note near 17570-17510-17470 if open, trade and sustain above 17570 then, the Index may try to re-test 17595-17615-17640-17670-17695-17710-17745-17795 levels. On the other hand, the immediate support lies at 17430-17410-17375 if, the Index moves below 17375 then, the index may try to re-visit 17340-17305-17270-17250-17220-17185-17150-17115-17075-17045 levels.

Special Mention: Yesterday, the Nifty Index continued the pull back rally beyond our threshold level i.e., 17575, moved till 17639.45 and closed well above 17575; today, the Index may face strong hurdle at 17575-17640, if moves above 17640 then. the pull back rally may continue to test 17795-18085-18180 levels in the near term. On the other hand, if the Index unable to move above 17575-17640 and moves below 17510-17465 then, it may try to re-visit 17410-17310-17185-17045 levels very soon.  Let see, how the Index opens today at 17570-17510-17470 levels. The intra volatility may be in a high note, due to week-end factor.

Nifty Bank Index: Nifty Bank index yesterday, opened at 38801.45, on the opening move, it made a day low 38520 thereafter, it moved up, made a day day high 39197.20 and closed on a positive note at 39010.95 with an intra gain 400.70 points, i.e,,1.04%, today the Nifty Bank Index must move above 39060-39120 if to do so, then it may try to re-test 39195-39290-39380-39425-39540 levels. On the other hand, any weakness near 39060-39120 or if, moves below 38940-38560-38480 then, the Index may re-visit 38370-38260-38150-38040-37900-37770 levels.

Trading Strategy: The members/followers/readers, those who invested recently near 17100 levels, try to book profit near 17600-17800 or the stocks that you have invested gives 6-9% return then, book partial profit and wait for further upmove.

To, 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.