05.05.22-Thursday-8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written opened on a flat to positive note at 17096.90, our expected opening band 17070-17090-17120 on opening move, the Index made a day high 17132.85: thereafter, it moved  down throughout the day, made a day low 16623.95 and closed at 16677.60, on a negative note with an intra loss -391.50 points, i.e., -2.29%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a positive note with a gap up near 16725-16820-16880 levels; if open, trade and sustain above 16880 then, the index may re-test 16915-16955-17000-17075-17130-17155-17215-17270 levels. On the other hand, the immediate support lies at 16685-16625-16605, if the Index moves below 16605 then, it may try to re-visit 16550-16505-16485-16445 levels.

Special Mention: Yesterday, the Nifty Index sold-off heavily and broken the very important theshold support levels i.e., 16825, made a low 16623.855 and closed well below 16825, today, the Nifty Index must re-gain and move above 16825; if to do so, then it may try to re-test 16925-17130-17290 levels in the near term. On the other hand, if the Index unable to move above 16825-16920-17130 then, it may try to re-visit 16605-16430-16248 levels very soon. Let see, how the Index opens today at 16725-16825-16880 levels. The Intra volailtiy may be in a high note, due to today's option expiry and tomorrow's week-end factor. 

Nifty Bank Index: Nifty Bank Index yesterday, opened in 36266.15, on the opening move, it made a day high 36309.30; thereafter, it moved down, made a day low 35127.85 and closed on a negative note at 35264.55 with an intra loss -899.90 points, i.e., -2.49%, today the Nifty Bank Index must move above 35400-35500-35580 levels; if to do so, then it may try to re-test 35620-35735-35920-35965-36110-36250-36370-36535 levels. On the other hand, any weakness near 35400-35500-35580; further, it moves below 35265-35125 then, the Index may re-visit 35020-34810-34680 levels.

Trading Strategy: The members/followers/readers, can re-invest partially in Nifty100 stocks when the Nifty Index testing 16800-16600 on a medium term perspective to gain 6-10% profit.

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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Wishing you for a safe, secured and profitable trading.