15.02.22-Tuesday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note with gap down at 17076.15 our expected opening band i.e.,17310-17210, on opening move, the Index made a day high at 17099.50; thereafter, it  moved down throughout the day, made a day low 16809.65 and closed at 16842.80,on a negative note with an intra loss -502.75 points, i.e., -2.90%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a positive note near 16875-16920-16955 levels; if open, trade and sustain above 16955 then, the Index may try to re-test 16995-17040-17075-17105-17140-17175-17245-17275-17305 levels. On the other hand, the immediate support lies at 16835-16800 if, the Index moves below 16800 then, the index may try to re-visit 16780-16765-16735-16700-16688-16640-16605-16570-16520 levels.

Special Mention: Yesterday, the Nifty Index continued the sell-off beyond our threshold support levels i.e., 16835 and closed just above this levels, today, the Index may try to take support near 16785-16725 levels, if moves above 16930 then, it may try re-test once again 17045-17120-17305, if the index moves above 17305 then. the pull back rally may continue to test 17640-17795 levels in the near term. On the other hand, if the Index unable to sustain above 16835-16930 and closes below 16835 for three consecutive trading sessions then, the sell-off may intensify to drag the index to re-visit the recent low point 16410; further weakness below 16410 then, the Index visit 15900-15500 levels in the near term, try to avoid any aggressive short position, unless the index not closes below 16835-16800 levels, trade with due caution, since the global weakness may drag the Index till 16400 levels. Let see, how the Index opens today at 16875-16920-16955 levels.   

Nifty Bank Index: Nifty Bank index yesterday, opened at 37664, on the opening move, it made a day high 37796.55 thereafter, it moved down throughout the day, made a day low 36828.05 and closed on a negative note at 36908.55 with an intra loss -1608.70 points, i.e,,-4.18%, today the Nifty Bank Index must move above 37110-37320 if to do so, then it may try to re-test 37385-37560-37730-37800-38060-38290-38395-38500 levels. On the other hand, any weakness near 37110-37320 or if, moves below 36830-36750-36720 then, the Index may re-visit 36565-36400-36375-36220-36085 levels.

Trading Strategy: The members/followers/readers, those who booked a partial or full profit near 17600-17800 levels in the recent run, try to re-invest near 16800-16400 levels in the top Nifty100  stocks for a short to medium term perspective to gain a profit 5-10%.

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.