22.02.22-Tuesday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 17192.25, our expected opening band i.e.,17220-17185, on opening move, the Index made a day low 17070.70; thereafter, it moved  up, made a day high 17351.05; further, it moved down and closed at 17206.85 on a negative note with an intra loss -69.65 points, i.e., -0.40%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a negative note with gap down by tracking the Asian indices, near 17115-17070-17000 levels; if open, trade and sustain below 17000 then, the Index may try to re-visit 16970-16925-16895-16850-16810-16775-16740 levels. On the other hand, the immediate resistance seen at 17250-17300 if, the Index moves above 17300 then, the index may try to re-test 17350-17375-17405-17455-17480-17505-17545-17585-17630-17685 levels.

Special Mention: Yesterday, the Nifty Index unable to move beyond 17375 and continued the down move till 17070 levels, as written yesterday the Index closed well below 17250 for the first trading session, today, the Index may try to move above 17250-17300 levels, if moves above 17300 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 17250-17300 and moves below 17070-17000 then, the weakness drag the index to re-visit 16970-16840-16810 levels in the near term. Let see, how the Index opens today at 17115-17070-17000 levels; if, the Index close below 17250 for an another two 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 yesterday, opened at 37400 on the opening move, it made a day low 37156.80; thereafter, it moved up, made a day high 38054.40, further it moved down and closed on a negative note at 37156.80 with an intra loss -442.35 points, i.e,-1.18%, today the Nifty Bank Index must move above 37710-37790 levels; if to do so, then it may try to re-test 37860-37950-38055-38300-38460-38620-38715-38800 levels. On the other hand, any weakness near 37540-37340 or if, moves below 37160-37070 then, the Index may re-visit 36865-36650-36375-36175-35860 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.