10.05.22-Tuesday-8.16 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written opened on a negative note with gap down at 16227.70, our expected opening band 16340-16300-16250, on opening move, the Index made a day low 16142.10: thereafter, it moved up, made a day high 16403.70 and closed at 16301.85, on a negative note with an intra loss -109.40 points, i.e., -0.67%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a flat to negative note near 16230-16175-16145 levels; if open, trade and sustain above 16230 then, the index may re-test 16325-16340-16455-16475-16535-16605-16675 levels. On the other hand, the immediate support lies at 16145-16105, if the Index moves below 16105 then, it may try to re-visit 16070-16030-15990-15960-15945-15875-15815 levels.

Special Mention: Yesterday, the  Nifty Index continued it's down move due ot the intensified sell-off and made a low 16142.10 and closed well below 16340, today, the Nifty Index must take support near 16250-16142 levels; if fails to take support near 16142 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  16230-16175-16145 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 yesterday, opened in 34091.75, on the opening move, it made a day low 33927.20; thereafter, it moved up, made a day high 34554.35 and closed on a negative note at 34275.40 with an intra loss -356.95 points, i.e., -1.03%, today the Nifty Bank Index must move above 34500-34585 levels; if to do so, then it may try to re-test 34725-34860-34940-35140-35390-35650 levels. On the other hand, any weakness near 34500-34585; further, it moves below 34100-33995 then, the Index may re-visit 33925-33835-33755-33715-33610-33545-33485-33380-33265 levels.

Trading Strategy: The members/followers/readers, can nvest in Nifty100 stocks, when the Nifty Index testing 16200-16000-15700 levels, 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.