What has happened yesterday? Nifty Index, opened on a negative note at 17740.90, our expected opening band 17770-17720 on opening move, the Index made a day high 17779.05; thereafter, it moved up, made a day low 17650.95 and closed at 17674.95, on a negative with an intra loss -109.40 points, i.e., -0.62%.
What will happen today?
Nifty Index: Today, the Nifty Index may open on a flat to negative note near 17650-17600 levels; if open, trade and sustain above 17700-17740 then, the index re-test 17780-17815-17855-17885-17920-17965-17985-18005-18055 levels. On the other hand, the immediate support lies at 17600-17585, if the Index moves below 17585 then, it may try to re-visit 17535-17505-17465-17420 levels.
Special Mention: Yesterday, the Nifty Index was trading with a narrow range and made a inside day pattern i.e, not broken the previous day high and low and closed well below 17700; today, the Nifty Index may try to take support 17585-17505 levels; if unable to sustain near 17505 levels; then, the Index tries to re-visit 17425-17265 levels very soon. On the other hand, if the Index able to move above 17700 then, it may try to re-test 17850-18115-18210 levels in the near term. Let see, how the Index opens today at 17650-17600 levels. This week, the Intra volatility may be in a high note, due to long week-end factor, trade with due caution is my advice at this juncture.
Nifty Bank Index: Nifty Bank Index yesterday, opened in 37591.75, on the opening move, it made a day high 37941.75; thereafter, it moved low, made a day low 37524.45 and closed on a negative note at 37613.80 with an intra loss -138.25 points, i.e., -0.37%, today the Nifty Bank Index must move above 37740-37820 levels; if to do so, then it may try to re-test 37940-38055-38125-38225-38350-38475 levels. On the other hand, any weakness near 37740-37820; further, it moves below 37525-37410 then, the Index may re-visit 37350-37205-37175-37025-36960-36890-36670-36450 levels.
Trading Strategy: The members/followers/readers, those who booked profit at 18000-18100 levels, try to re-invest partially in Nifty50 stocks at 17700-17500 levels on a short to medium term perspective to gain 5-10% return.
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, visit by using the following link: https://www.niftytech.in/marketupdate/62
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