11.05.22-Wednesday-8.16 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written opened on a flat to negative note at 16248.90, our expected opening band 16230-16175-16145, on opening move, the Index made a low 16248: thereafter, it moved up, made a day high 16404.55, further the last hour sell-off dragged the index, made a day low 16197.30 and closed at 16240.05, on a negative note with an intra loss -61.80 points, i.e., -0.38%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a flat note near 16240-16195 levels; if open, trade and sustain above 16240 then, the index may re-test 16325-16340-16385-16405-16460-16485-16535-16605-16675 levels. On the other hand, the immediate support lies at 16195-16145, if the Index moves below 16145 then, it may try to re-visit 16070-16030-15990-15960-15945-15875-15815 levels.

Special Mention: Yesterday, the  Nifty Index though it broken the yesterday's high but unable to trade above 16404 and got sold-off till 16197 and closed very well below 16250, today, the Nifty Index must take support near 16200-16142 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 16340-16405 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 Nifty Index trading with an oversold zone; hence, there is a possiblity for the technical pull back from today till 16600-16800 levels.  The Intra volailtiy may be in a high note, due to tomorrow's weekly option expiry and Friday's week-end factor, 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 34181.20, on the opening move, it made a day low 34176.80; thereafter, it moved up, made a day high 34781.80 and closed on a positive note at 34482.65 with an intra gain 207.25 points, i.e., 0.60%, today the Nifty Bank Index must move above 34600-34780 levels; if to do so, then it may try to re-test 34860-34940-35140-35390-35650-35775-35900 levels. On the other hand, any weakness near 34600-34780; further, it moves below 34355-34250 then, the Index may re-visit 34175-34125-34025-33925-33835-33755-33715-33610 levels.

Trading Strategy: The members/followers/readers, can invest 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.