02.06.22-Thursday-8.34 am

Good Morning Members

What has happened on yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 16594.40, our expected opening band 16560-16520, on opening move, the Index made a high 16649.20; thereafter, it moved down, made a day low 16438.85 and closed at 16522.75, on a negative note with an intra loss -61.80 points, i.e., -0.37%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a negative note near 16460-16415 levels; if open, trade and sustain above 16460 then, the index may re-test 16505-16550-16585-16625-16650 levels. On the other hand, the immediate support lies at 16520-16475; if, the Index moves below 16475-16460 then, it may try to re-visit 16385-16345-16300-16255-16225-16150-16090 levels.

Special Mention: Yesterday, the Nifty Index unable to continue the pull back move above 16700, but moved down till 16438 and closed very well below 16555 levels, today, the Nifty Index must move above 16650-16695 levels; if to do so then, the index may re-test 16895-17025 levels in ther near term. On the other hand, if the Index unable to move above 16650-16695 then, it may try to re-visit once again 16415-16220 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 16460-16415 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 Jun'22. 

Nifty Bank Index: Nifty Bank Index on yesterday, opened in 35398.95, on the opening move, it made a day low 35285.45; thereafter, it moved up, made a day high 35768.70 and closed on a positive note at 35620.80 with an intra gain 133.40 points, i.e., 0.38%, today the Nifty Bank Index must move above 35665-35770 levels; if to do so, then it may try to re-test 35900-36085-36110-36240-36390-36540 levels. On the other hand, any weakness near 35665-35770; further, it moves below 35530-35400 then, the Index may re-visit 35285-35155-34975-34860-34630 levels.

Trading Strategy: The members/followers/readers, those who invested during the recent low levles, try to book profit near 16700-16850 orr the stocks gives a profit 9-12% 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.