10.06.22-Friday-8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note with gap down at 16263.85, our expected opening band 16265-16235-16205 on opening move, the Index made a low 16243.65; thereafter, it moved up throughout the day, made a day high 16492.80 and closed at 16478.10, on a positive note with an intra gain 121.85 points, i.e., 0.74%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a negative note with gap down near 16335-16305-16270 levels; if open, trade and sustain above 16335 then, the index may re-test 16365-16395-16415-16440-16465-16495-16515-16560 levels. On th other hand, the immediate support lies at 16270-16245; if, the Index moves below 16245 then, it may try to re-visit 16220-16200-16170-16120-16075-16040-16020-15985-15905 levels.

Special Mention: Yesterday, the Nifty Index unable to move above 16525 and closed well above 16415 levels, today, the Nifty Index must move above 16370-16415 levels; if to do so then, the index may re-test 16525-16610-16795 levels in the near term. On the other hand, if the Index unable to move above 16370-16415 then, it may try to re-visit once again 16185-16000-15905 levels in the near term, the last hope for the Nifty Index lies at 16400, the Index though, it closed yesterday above the threshold support i.e., 16415, today it must trade, sustain and close above 16415 levels for three consecutive trading sessions then, the Index may re-test 16795 levels in the near term, else any weakness below 16245-16170, may drag the Index till 15900-15675 levels very soon. Let see, how the Index opens today at 16335-16305-16270 levels. The intra volatility may be in a high note due to today's week-end factor, trade with due caution till Jun'22 or first week of Jul'22, avoid aggressive long positions.

Nifty Bank Index: Nifty Bank Index yesterday, opened in 34802.25, on the opening move, it made a day low 34659.10; thereafter, it moved up, made a day high 35149.10 and closed on a positive note at 35085.45 with an intra gain 121.30 points, i.e., .0.35%, today the Nifty Bank Index must move above 35150-35280 levels; if to do so, then it may try to re-test 35345-35460-35540-356665-35780-35815-35920-36085 levels. On the other hand, any weakness near 35150-35280; further, it moves below 35000-34830 then, the Index may re-visit 34770-34660-34630-34525-34355-34135-34115-33865-33635 levels.

Trading Strategy: The members/followers/readers, those who booked profit, try to re-invest partially near 15900-15700 levels for a medimum term perspective to gain 6-9% return in the near term.

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.