21.02.22-Monday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17236.05, our expected opening band i.e.,17305-17275-17260, on opening move, the Index made a day high 17380.80; thereafter, it moved  down, made a day low 17219.20 and closed at 17276.30, on a negative note with an intra loss -28.30 points, i.e., -0.16%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a negative note near 17220-17185 levels; if open, trade and sustain below 17185 then, the Index may try to re-visit 17150-17110-17070-17020-16995-16970-16935-16895-16850-16810 levels. On the other hand, the immediate resistance seen at 17280-17310-17345 if, the Index moves above 17345 then, the index may try to re-test 17380-17425-17455-17490-17520-17545-17585-17630-17680 levels.

Special Mention: On Friday, the Nifty Index unable  to continue and sustain the pull back rally beyond 17375 and moved down till 17219.80 and closed well below our threshold resistance i.e., 17375 levels; today, the Index may try to move above 17280-17305 levels, if moves above 17305 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 17220-17175 then, the weakness drag the index to re-visit 17070-16970-16840-16810 levels in the near term. Let see, how the Index opens today at 17220-17185 levels; if, the Index 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 higher level this week due to F&O expriy, trade with due caution is my advise at this juncture.

Nifty Bank Index: Nifty Bank index on Friday, opened at 37344.450 on the opening move, it made a day high 37817.55 thereafter, it moved down, made a day low 37304.45 and closed on a negative note at 37599.15 with an intra gain 67.50 points, i.e,,0.18%, today the Nifty Bank Index must move above 37620-37660-37710 levels; if to do so, then it may try to re-test 37820-37930-38075-38255-38370-38460-38620 levels. On the other hand, any weakness near 37620-37660-37710 or if, moves below 37425-37305 then, the Index may re-visit 37165-37070-36865-36650-36400 levels.

Trading Strategy: The members/followers/readers, those who booked profit near 17500 levels, try to re-invest partially near 17100-16800 levels in top Nifty100 stocks for a short to medium term perspective to gain 6-9% in the near term.

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.