01.08.22-Monday-8.34 am

God Morning Members

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 17079.50, our expected opening band 17050-17095-17125 on opening move, the Index made a low 17055.90; thereafter, it moved up, made a day high 17172.80 and closed at 17158.25, on a positive note with an intra gain 228.65 points, i.e., 1.35%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a positive note near 17175-17215-17255 levels; if open, trade and sustain above 17255 then, the index may test 17295-17355-17420-17450 levels. On the other hand, the immediate support lies at 17125-17095-17060; if, the Index moves below 17060 then, it may try to re-visit 17020-16975-16950-16890-16870-16845-16795 levels.

Special Mention: On Friday, the Nifty Index, continued the northward journey beyod our threshold resistance levels i.e., 16795, for the second consecutive trading sessions, made high 17172.80 and closed well above 16795, if the Index closes above 17000 for three more trading sessions then, the Index may re-test 17450-17600 levels very soon. On the other hand, if the Index unable to move above 17215-17255-17355 then, it may try to re-visit 17000-16795-16750 levels in the near term. Let see, how the Index opens today at 17175-17215-17255 levels, this week the intra volatility may be in a high note due to the Index moved sharply to the highest levels continuously and reached the higher levels of the trading channel, it may consolidate this week on a high volatility with mild profit booking till 16795 levels; hence, trade with due caution and book profit in long position if, any near 17200-17255-17355 levels, any one wants may try positional short in Nifty near 17200-17255-17355 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 37717.30, on the opening move, it made a day low 37221.15 thereafter, it moved up, made a day high 37754.65 and closed on a positive note at 37491.40 with an intra gain 113.25 points, i.e., 0.30%, today the Nifty Bank Index must move above 37600-37755 levels; if to do so, then it may try to re-test 37870-38000-38200-38340-38480-38620-38760 levels. On the other hand, any weakness near 37600-37755; further, it moves below 37340-37220 then, the Index may re-visit  37075-37010-36850-36600 levels.

Trading Strategy: The members/followers/readers, those who re-invested near 15350-15200 try to book full profit near 17215-17255-17355 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.