17.02.22-Thursday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17408.45, our expected opening band i.e.,17375-17420-17455, on opening move, the Index made a day low at 17257.70; thereafter, it moved up, made a day high 17490.60 and closed at 17322.20, on a negative note with an intra loss -30.25 points, i.e., -0.17%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a flat to positive note near 17400-17375-17345 levels; if open, trade and sustain above 17400 then, the Index may try to re-test 17440-17460-17490-17505-17520-17550-17580-17610-17640-17680 levels. On the other hand, the immediate support lies at 17285-17257 if, the Index moves below 17257 then, the index may try to re-visit 17245-17225-17200-17185-17140-17110-17075-17045-17000-16960-16925 levels.

Special Mention: Yesterday, the Nifty Index continued the pull back rally beyond 17375 and made a high 17490 and closed below 17375 levels; today, the Index may try to move above 17400-17455-17490 levels, if moves above 17490 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 17400-17455-17490 and moves below 17310-17260 then, the weakness drag the index to re-visit 17185-17040-16840-16810 levels in the near term. Let see, how the Index opens today at 17400-17375-17345 levels, the Nifty Index may consolidate for some more trading sessions between 17640-16810 levles, it should break either of these ranges to take further direction. The intra volatility may be in a high note due to today's option weekly expiry and tomorrow's week-end factor.

Nifty Bank Index: Nifty Bank index yesterday, opened at 38296.50 on the opening move, it made a day high 38461.70 thereafter, it moved down, made a day low 37762.60 and closed on a negative note at 37953.80 with an intra loss -216.30 points, i.e,,-0.57%, today the Nifty Bank Index must move above 38030-38130-38230 levels; if to do so, then it may try to re-test 38345-38460-38550-38650-38780-38840-38910 levels. On the other hand, any weakness near 38030-38130-38230 or if, moves below 37925-37845 then, the Index may re-visit 37760-37630-37570-37525-37440-37255-37140-37025-36950 levels.

Trading Strategy: The members/followers/readers, those who invested at 16800 levels, try to book profit near 17500-17800 or the stocks that you have invested gives a profit 9-15%.

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.