24.02.22-Thursday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17194.50, our expected opening band i.e.,17150-17190-17230, on opening move, the Index made a day high 17220.70; thereafter, it moved down, made a day low 17027.85 and closed at 17063.25 on a negative note with an intra loss -28.95 points, i.e., -0.17%.

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 16930-16840-16810 levels; if open, trade and sustain below 16810 then, the Index may try to visit 16760-16735-16710-16680-16645-16615-16575-16540-16505-16475-16455-16410 levels. On the other hand, the immediate resistance seen at 17070-17150 if, the Index moves above 17150 then, the index may try to re-visit 17185-17220-17275-17310-17350-17385-17445-17490 levels.

Special Mention: Yesterday, the Nifty Index traded in a range bound move and closed below 17070 levels, as I have written on 21st Feb Intra outlook, the Index closed three conseuctive trading sessions below our threshold support levels i.e., 17250 and already moved down near 16810, it looks today, the Index may try to test 16810, if the Index moves and sustains  below 16810 levels then, the weakness cum sell-off may drag the index till 16685-16410 very soon. On the other hand if, the Index takes support 16840-16810 levels, further it moves above 17070-17100 levels then, it may try to test 17250-17500 levels in the near term. Let see, how the Index opens today at 16930-16840-16810 levels. The intra volatility may be in a higher level due to today's F&O expiry and tomorrow's week-end factor, trade with due caution is my advise at this juncture.

Nifty Bank Index: Nifty Bank index yesterday, opened at 37628.55 on the opening move, it made a day high 37774.60; thereafter, it moved down, made a day low 37318 and closed on a positive note at 37392.05 with an intra gain 20.40 points, i.e,0.05%, today the Nifty Bank Index must move above 37490-37540 levels; if to do so, then it may try to re-test 37640-37775-37900-38060-38125-38260-38355-38460 levels. On the other hand, any weakness near 37490-37540 or if, moves below 37300-37190 then, the Index may re-visit  37095-36915-36825-36735-36640-36535-36440-36335 levels.

Trading Strategy: The members/followers/readers, those who booked profit near 17500 levels, try to re-invest near 16800-16600-16400 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.