23.02.22-Wednesday, 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 16847.95, our expected opening band i.e.,17070-17000, on opening move, the Index made a day low 16843.80; thereafter, it moved  up, made a day high 17148.55; further, it moved down and closed at 17092.20 on a negative note with an intra loss -114.45 points, i.e., -0.67%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a positive note, near 17150-17190-17230 levels; if open, trade and sustain above 17230 then, the Index may try to re-test 17270-17300-17350-17380-17415-17450-17490 levels. On the other hand, the immediate support lies at 17125-17070 if, the Index moves below 17070 then, the index may try to re-visit 17045-16990-16955-16920-16895-16845-16810-16760 levels.

Special Mention: Yesterday, the Nifty Index continued the down move till our threshold support levels i.e.,16840, made a low 16843.80, as written yesterday the Index closed well below 17250 for the second trading session and reached our threshold support levels, today, the Index may try to move above 17150-17250 levels, if moves above 17250 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 17070-16840-16810 then, the weakness drag the index to re-visit 16685-16410 levels in the near term. Let see, how the Index opens today at 17150-17190-17230  levels; 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 due to tomorrow's F&O expriy and Friday's week-end factor, trade with due caution is my advise at this juncture, aviod aggressive short position.

Nifty Bank Index: Nifty Bank index yesterday, opened at 36833 on the opening move, it made a day low 36818.10; thereafter, it moved up, made a day high 37659.40, further it moved down and closed on a positive note at 37371.25 with an intra gain 214.85 points, i.e,0.58%, today the Nifty Bank Index must move above 37445-37540-37660 levels; if to do so, then it may try to re-test 37830-37890-37980-38045-38110-38200-38275 levels. On the other hand, any weakness near 37445-37540-37660 or if, moves below 37240-37140 then, the Index may re-visit 37015-36910-36820-36715-36650-36590 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.