24.05.22-Tuesday-8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written opened on a flat to positive note at 16290.95, our expected opening band 16285-16325, on opening move, the Index made a high 16414.70; thereafter, it moved down, made a day low 16185.75 and closed at 16214.70, on a negative note with an intra loss -51.45 points, i.e., -0.32%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a flat to positive note near 16240-16280 levels; if open, trade and sustain above 16280 then, the index may re-test 16325-16345-16385-16415-16475-16530-16570-16625 levels. On the other hand, the immediate support lies at 16185-16130; if, the Index moves below 16130-16095 then, it may try to re-visit 16070-16035-16005-15960-15925-15850 levels.

Special Mention: Yesterday, the Nifty Index though it broken then threshold resistance levels i.e, 16400, but unable to sustain above 16400, the weakness cum sell-off dragged down till 16185 and closed well below 16285, today, the Nifty Index must move above 16285-16340-16415 levels; if to do so then, the index may test 16510-16625 levels very soon. On the other hand, if the Index unable to move above 16340-16400 then, it may try to re-visit 16000-15750-15675 levels in the near term, the last hope for the Nifty Index lies at 15740-15670, any close below 15670 for three consecutive trading sessions, the weakness may drag the Index till 15500-15200-14900 levels soon.  Let see, how the Index opens today at 16240-16280 levels. The Intra volatility may be in a high note, due to F&O Expiry, 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 34321.40, on the opening move, it made a day high 34819.95; thereafter, it moved down, made a day low 34117.35 and closed on a negative note at 34247.60 with an intra loss -28.80 points, i.e., -0.08%, today the Nifty Bank Index must move above 34435-34615 levels; if to do so, then it may try to re-est 34740-34820-34950-35105-35125 levels. On the other hand, any weakness near 34435-34615; further, it moves below 34120-34000 then, the Index may re-visit 33930- 33825-33660-33570-33375-33180-33300 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 stocks 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.