03.03.22-Thursday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note with gap down 16593.10, our expected opening band i.e.,16530-16475-16410, on opening move, the Index made a day high 16678.50; thereafter, it moved down, made a day low 16478.65, further the Index moved up near day high and closed at 16605.95 on a negative note with an intra loss -1897.95 points, i.e., -1.12%.

What will happen today? 

Nifty Index: Today, the Nifty Index may open on a flat to positive note near 16640-16675 levels; if open, trade and sustain below 16640-16620 then, the index re-visit 16580-16545-16510-16475-16425-16395-16345-16275-16205 levels. On the other hand, the immediate resistance seen at 16675-16730 if, the Index moves above 16730 then, it may try to re-test 16745-16775-16815-16865-16935-17020-17090 levels.

Special Mention: Yesterday, the Nifty Index unable to continue the relief rally, the sell-off dragged the Index till 16478 and closed well above 16600 levels; but, it looks today, the Nifty Index may move up till 16680-16730 levels; if, the Index trades and sustain above 16730 levels then, the Index may re-test 16815-16995-17090-17185 in the near term. On the other hand, if the Index not able to move above 16730-16815, further weakness below 16475-16410, the Nifty Index may re-visit 16205-16035-15950 levels very soon. Let see, how the Index opens today at 16640-16675 levels. The intra volatility may be in a higher level due to the prevailing geo-politcal tension and today's option weekly expiry, trade with due caution is my advise at this juncture.

Nifty Bank Index: Nifty Bank Index yesterday, opened at 35381.90 on the opening move, it made a day low 34897.45; thereafter, it moved up, made a day high 35553.70 and closed on a negative note at 35372.90 with an intra loss -832.40 points, i.e., -2.30%, today the Nifty Bank Index must move above 35430-35550 levels; if to do so, then it may try to re-test 35730-35810-36065-36315-36450-36630 levels. On the other hand, any weakness near 35430-35550 if, moves below 35225-35150 then, the Index may re-visit 35050-34975-34895-34750-34655 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.