29.07.22-Friday-8.34 am

God Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 16774.85, our expected opening band 16750-16795 on opening move, the Index made a low 16746.25; thereafter, it moved up, made a day high 16947.65 and closed at 16929.60, on a positive note with an intra gain 287.80 points, i.e., 1.73%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a positive note with gap up near 17050-17095-17125 levels; if open, trade and sustain above 17125 then, the index may test 17145-17175-17200-17230-17255-17300-17355 levels. On the other hand, the immediate support lies at 16995-16950; if, the Index moves below 16950 then, it may try to re-visit 16920-16890-16870-16820-16795-16745 levels.

Special Mention: Yesterday, the Nifty Index, continued the northward journey and surpassed our threshold resistance levels i.e., 16795, made a high 16947 and closed well above 16795, if the Index closes above 16795 for an another two trading sessions then, it may re-test 17255-17355-17415 levels very soon. On the other hand, if the Index unable to move above 17150-17255 then, it may try to re-visit 16795-16440-16360 levels in the near term. Let see, how the Index opens today at 17050-17095-17125 levels, today the intra volatility may be in a high note due to week-cum-month end factor, trade with due caution and book profit in long position if, any near 17150-17255-17355 levels, any one wants may try positional short in Nifty near 17150-17255-17355 with the stop of 17420 levels on a closing basis for the target of 17000-16800 levels.

Nifty Bank Index: Nifty Bank Index yesterday, opened at 37102.45, on the opening move, it made a day low 37028.50 thereafter, it moved up, made a day high 37414.40 and closed on a positive note at 37378.15 with an intra gain 594.90 points, i.e., 1.03%, today the Nifty Bank Index must move above 37520-37700 levels; if to do so, then it may try to re-test 37850-37990-38025-38200-38375 levels. On the other hand, any weakness near 37520-37700; further, it moves below 37415-37275 then, the Index may re-visit  37150-37015-36925-36870 levels.

Trading Strategy: The members/followers/readers, those who re-invested near 15350-15200 try to book full profit near 17150-17255-17355 or the stocks given profit 15-18%.

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.