18.02.22-Friday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17396.55, our expected opening band i.e.,17400-17375-17345, on opening move, the Index made a day high 17442.90; thereafter, it moved  down, made a day low 17235.85 and closed at 17304.60, on a negative note with an intra loss -17.60 points, i.e., -0.10%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on flat to negative note near 17305-17275-17260 levels; if open, trade and sustain below 17260 then, the Index may try to re-visit 17235-17190-17150-17100-17070-17045-17000-16960-16925-16885-16840-16810 levels. On the other hand, the immediate resistance seen at 17310-17345 if, the Index moves above 17345 then, the index may try to re-test 17375-17420-17445-17460-17490-17500-17520-17550-17585 levels.

Special Mention: Yesterday, the Nifty Index unable  to continue the pull back rally beyond 17490 and moved down till 17235 and closed well below 17375 levels; today, the Index may try to move above 17310-17345-17375 levels, if moves above 17375 then, the pull back rally may continue to test 17490-17640-17795 levels in the near term. On the other hand, if the Index unable to sustain above 17310-17375 and moves below 17260-17185 then, the weakness drag the index to re-visit 17040-16840-16810 levels in the near term. Let see, how the Index opens today at 17305-17275-17260 levels, any close below 17250 for three consecutive trading sessions then, the Index may re-visit 16810-16410 very soon, it looks 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 week-end factor, trade with due caution since, the uncertanity on the Russian vs Ukraine war tension, the Inflation worries, may add  more fuel into the global market weakness, avoid aggressive long position is my advise at this juncture.

Nifty Bank Index: Nifty Bank index yesterday, opened at 38042.10 on the opening move, it made a day high 38124.50 thereafter, it moved down, made a day low 37425.60 and closed on a negative note at 37531.65 with an intra loss -422.15 points, i.e,,-1.11%, today the Nifty Bank Index must move above 38030-38100-38195 levels; if to do so, then it may try to re-test 38255-38380-38460-38550-38650-38780-38840-38910-38975 levels. On the other hand, any weakness near 38030-38100-38195 or if, moves below 37845-37760 then, the Index may re-visit 37625-37440-37250-37100-36950-36800-36650 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.