02.03.22-Wednesday, 8.34 am

Good Morning Members

What has happened on Monday? Nifty Index, as expected and written, opened on a negative note 16481.60, our expected opening band i.e.,16610-16580-16540, on opening move, the Index made a day low 16356.30; thereafter, it moved up, made a day high 16815.90 and closed at 16793.90 on a positive note with an intra gain 135.50 points, i.e., 0.81%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a negative note with gap down near 16530-16475-16410 levels; if open, trade and sustain below 16410 then, the index re-visit 16375-16330-16270-16210-16185-16120-16085-16036 levels. On the other hand, the immediate resistance seen at 16580-16640 if, the Index moves above 16640 then, it may try to re-visit 16680-16745-16775-16815-16865-16935-17020 levels.

Special Mention: On Monday, the Nifty Index, the relief rally took the Index near 16815 and closed well above 16410 levels; but, it looks today, the Nifty Index may come down till 16530-16410 levels; if, the Index trades and sustain below 16410 levels then, the sell-off intensified to re-visit the recent low near 16200, further weakness below 16200-16185, the Nifty Index may visit 16000-15885-15600 levels very soon. On the other hand if, the Index takes support near 16530-16410 and moves above 16580-16630 levels then, it may try to re-test 16680-16750-16820-16940 levels in the near term. Let see, how the Index opens today at 16530-16475-16410 levels. The intra volatility may be in a higher level due to the prevailing geo-politcal tension and tomorrow's option weekly expiry, trade with due caution is my advise at this juncture.

Nifty Bank Index: Nifty Bank Index on Monday, opened at 35938.95 on the opening move, it made a day low 35611.90; thereafter, it moved up, made a day high 36270.25 and closed on a negative note at 36205.30 with an intra loss -225.45 points, i.e., -0.62%, today the Nifty Bank Index must move above 35940-36040-36190 levels; if to do so, then it may try to re-test 36325-36410-36495-36685-36726-36930 levels. On the other hand, any weakness near 35940-36040-36190 or if, moves below 35840-35640 then, the Index may re-visit 35515-35390-35230-35195-34990-34750-34655-34580-34230 levels.

Trading Strategy: The members/followers/readers, those who booked profit near 17500 levels, try to re-invest near 16400-16200-15900 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.