19.05.22-Thursday-8.25 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written opened on a positive note at 16318.15, our expected opening band 16260-16295, on opening move, the Index made a high 16399.80; thereafter, it moved down, made a day low 16211.10 and closed at 16240.30, on a negative note with an intra loss 19 points, i.e., 0.12%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a negative note with gap down by tracking the global indices near 16145-16040-16005 levels; if open, trade and sustain above 16145 then, the index may re-test 16210-16245-16295-16345-16395-16415-16450 levels. On the other hand, the immediate support lies at 16005-15955; if, the Index moves below 15955 then, it may try to re-visit 15900-15855-15815-15755-15735-15700-15670 levels.

Special Mention: Yesterday, the Nifty Index continued the pull back rally and moved till our threshold resistance levels i.e., 16405, made a high 16399.80 and closed well below 16284, today, the Nifty Index must take support near 16040-15900 levels; if fails to take support near 15900 then, the Nifty Index may try to re-visit 15740-15670 levels very soon. On the other hand, if the Index able to move above 16145-16285 then, it may try to re-test 16405-16550-16625 levels in the near term. Let see, how the Index opens today at 16140-16040-16605 levels. The Intra volatility 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 34448.20, on the opening move, it made a day high 34655.80; thereafter, it moved down, made a day low 34134.70 and closed on a negative note at 34301.90 with an intra gain -138.20 points, i.e., -0.40%, today the Nifty Bank Index must move above 34300-34465 levels; if to do so, then it may try to re-est 34510-34620-34765-34860-35075 levels. On the other hand, any weakness near 34300-34465; further, it moves below 34092-33950 then, the Index may re-visit 33920-33820-33655-33520-33385-33295-33000 levels.

Trading Strategy: The members/followers/readers, those who invested during the recent low levles, try to book partial profit near 16250-16400 or the stocs gives a profit 6-9% and wait for further run.

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.