09.05.22-Monday-8.16 am

Good Morning Members

What has happened on Friday? Nifty Index, as expected and written opened on a negative note with gap down at 16415.55, our expected opening band 16510-16455-16415, on opening move, the Index made a day high 16485.20: thereafter, it moved down throughout the day, made a day low 16340.90 and closed at 16411.25, on a negative note with an intra loss -271.40 points, i.e., -1.63%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a negative note with a gap down near 16340-16300-16250 levels; if open, trade and sustain above 16340 then, the index may re-test 16415-16445-16485-16525-16550-16605 levels. On the other hand, the immediate support lies at 16250-16205, if the Index moves below 16205 then, it may try to re-visit 16170-16135-16080-16030-16000-15960 levels.

Special Mention: On Friday, the  Nifty Index continued it's  down move due ot the intensified sell-off and made a low 16340 and closed well below 16455, today, the Nifty Index must take support near 16250-16205 levels; if fails to take support near 16200 then, the Nifty Index may try to re-visit 16030-15960-15670 levels very soon. On the other hand, if the Index able to move above 16340-16485 then, it may try to re-test 16625-16825-17130 levels  in the near term. Let see, how the Index opens today at 16340-16300-16250 levels. The Intra volailtiy may be in a high note, due to global weakness, trade with due caution till this month end; since, most of the May month the Nifty was trading in a corrective phase.

Nifty Bank Index: Nifty Bank Index on Friday, opened in 34569.10, on the opening move, it made a day high 34797.95; thereafter, it moved down, made a day low 34353.20 and closed on a negative note at 34632.35 with an intra loss -600.50 points, i.e., -1.70%, today the Nifty Bank Index must move above 34670-34795 levels; if to do so, then it may try to re-test 34920--35250-35400-35535 levels. On the other hand, any weakness near 34670-34795; further, it moves below 34460-34350-34230 then, the Index may re-visit 34095-33900-33715-33545 levels.

Trading Strategy: The members/followers/readers, can  nvest in Nifty100 stocks when the Nifty Index testing 16300-16000-15700 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.