08.06.22-Wednesday-8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 16469.60, our expected opening band 16560-16520-16485, on opening move, the Index made a high 16487.25; thereafter, it moved down made a day low 16347.10, further it moved near day high and closed at 16416.35, on a negative note with an intra loss -153.20 points, i.e., -0.92%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a positive note with gap up by tracking the Asian Indices near 16490-16525-16565 levels; if open, trade and sustain above 16565 then, the index may re-test 16590-16610-16625-16645-16660-16695-16720-16740-16765-16793 levels. On the other hand, the immediate support lies at 16445-16415; if, the Index moves below 16415 then, it may try to re-visit 16380-16365-16345-16310-16265-16225-16185 levels.

Special Mention: Yesterday, the Nifty Index unable to hold near 16415 and moved down till 16347 and closed just above 16415 levels, today, the Nifty Index must move above 16525-16570-16610 levels; if to do so then, the index may re-test 16795-16895-17025 levels in ther near term. On the other hand, if the Index unable to move above 16570-16610 then, it may try to re-visit once again 16415-16350-16185 levels in the near term, the last hope for the Nifty Index lies at 16400, any close below 16400 for three consecutive trading sessions, the weakness may drag the Index till 15675 levels in the near term. Let see, how the Index opens today at 16490-16525-16570 levels. The intra volatility may be in a high note due to today's RBI MPC meet, tomorrow's weekly option expiry and Friday's week-end factor, trade with due caution till Jun'22 or first week of Jul'22. 

Nifty Bank Index: Nifty Bank Index yesterday, opened in 35080.80, on the opening move, it made a day high 35154.30; thereafter, it moved down, made a day low 34834.40 and closed on a negative note at 34996 with an intra loss -314.20 points, i.e., -.0.89%, today the Nifty Bank Index must move above 35070-35155 levels; if to do so, then it may try to re-test 35240-35340-35460-35530-35610-35720-35815-35940-36085-35310 levels. On the other hand, any weakness near 35070-35155; further, it moves below 34930-34835 then, the Index may re-visit 34780-34630-34525-34355-33945 levels.

Trading Strategy: The members/followers/readers, those who invested during the recent low levles, try to book profit near 16700-16825 17000 or the stocks gives a profit 9-12-15% and wait for further correction to re-invest once again.

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.