What has happened yesterday? Nifty Index, as expected and written opened on a flat note at 16270.05, our expected opening band 16240-16195, on opening move, the Index made a high 16318.75; thereafter, it moved down, made a day low 15992.60 and closed at 16167.10, on a negative note with an intra loss -72.95 points, i.e., -0.45%.
What will happen today?
Nifty Index: Today, the Nifty Index may open on a negative note near 16070-16030-15990 levels; if open, trade and sustain above 16140-16200 then, the index may re-test 16225-16250-16280-16318-16355-16405-16460-16515 levels. On the other hand, the immediate support lies at 15960-15900; if, the Index moves below 15900 then, it may try to re-visit 15870-15830-15790-15760-15725-15670 levels.
Special Mention: Yesterday, the Nifty Index though it tried to take support near 16200 and moved up but the sell-off dragged the Index till crucial support levels i.e., 16000-15990 and closed very well below 16200, today, the Nifty Index must take support near 15990-15960-15900 levels; if fails to take support near 15900 then, the Nifty Index may try to re-visit 15670-15500-15205 levels very soon. On the other hand, if the Index able to move above 16030-16200 then, it may try to re-test 16405-16625 levels in the near term. Let see, how the Index opens today at 16070-16030-15990 levels; the Nifty Index trading with an oversold zone; hence, there is a possiblity for the technical pull back from today oe tomorrow to test 16400-16600 levels. The Intra volailtiy may be in a high note, due to today's weekly option expiry and tomorrow'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 34686.30, on the opening move, it made a day low 34143.20; thereafter, it moved up, made a day high 34793.20 and closed on a positive note at 34693.15 with an intra gain 210.50 points, i.e., 0.61%, today the Nifty Bank Index must move above 34790-34970 levels; if to do so, then it may try to re-est 35140-35390-35650-35775-35900 levels. On the other hand, any weakness near 34790-34970; further, it moves below 34600-34410 then, the Index may re-visit 34295-34145-34025-33925-33835-33755-33715-33610 levels.
Trading Strategy: The members/followers/readers, can invest in Nifty100 stocks, when the Nifty Index testing 16000-15700-15500 levels, on a medium term perspective to gain 9-15% 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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