02.08.22-Tuesday-8.34 am

God Morning Members

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 17243.20, our expected opening band 17215-17255 on opening move, the Index made a low 17154.80; thereafter, it moved up, made a day high 17356.25 and closed at 17340.05, on a positive note with an intra gain 181.80 points, i.e., 1.06%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a negative note near 17295-17270 levels; if open, trade and sustain above 17295-17315 then, the index may test 17355-17375-17415-17450-17485-17535-17600 levels. On the other hand, the immediate support lies at 17250-17205; if, the Index moves below 17205 then, it may try to re-visit 17155-17125-17100-17085-17045-17018-17005-16950 levels.

Special Mention: Yesterday, the Nifty Index, continued the northward journey and reached our threshold resistance levels i.e., 17355 and closed at the highest levels, if the Index closes above 17355 for three more trading sessions then, the Index may re-test 17665-17790-18115 levels very soon. On the other hand, if the Index unable to move above 17355-17415 then, it may try to re-visit 17000-16795-16750 levels in the near term. Let see, how the Index opens today at 17295-17270 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 tried positional short in Nifty at 17255-17355, start book the profit 17250-17175-17000 levels and the stop loss above 17420 levels on a closing basis.

Nifty Bank Index: Nifty Bank Index yesterday, opened at 37594.15, on the opening move, it made a day low 37407.20; thereafter, it moved up, made a day high 37939.60 and closed on a positive note at 37903.20 with an intra gain 411.80 points, i.e., 1.10%, today the Nifty Bank Index must move above 37940-38025-38085 levels; if to do so, then it may try to re-test 38200-38340-38480-38620-38760 levels. On the other hand, any weakness near 37940-38025-38085; further, it moves below 37770-37530 then, the Index may re-visit  37440-37260-37220-37095-37000-36810 levels.

Trading Strategy: The members/followers/readers, those who re-invested near 15350-15200 try to book full profit near 17255-17355 or the stocks given profit 15-18% and wait for the price correction if, any near 16950-16800 levels.

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.