03.08.22-Wednesday-8.34 am

G0od Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 17310.15, our expected opening band 17295-17270 on opening move, the Index made a low 17215.85; thereafter, it moved up, made a day high 17390.15, further it moved down near day low and closed at 17345.45, on a positive note with an intra marginal gain 5.40 points, i.e., 1.06%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a positive note near 17355-17390-17420 levels; if open, trade and sustain above 17390-17420 then, the index may test 17435-17460-17485-17505-17540-16570-17600 levels. On the other hand, the immediate support lies at 17305-17270; if, the Index moves below 17270 then, it may try to re-visit 17255-17235-17215-17185-17170-17155-17110-17070-17020 levels.

Special Mention: Yesterday, the Nifty Index, surpassed our threshold resistance levels i.e., 17355, made high 17390 and closed just below the threshold resistance levels i.e., 17355, 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 17355-17420 then, it may try to re-visit 17000-16795-16750 levels in the near term. Let see, how the Index opens today at 17355-17390-17420 levels, the intra volatility may be in a high note due to tomorrow's option weekly expiry and 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 17215-16795 levels; hence, trade with due caution and book profit in long position if, any near 17355-17450 levels, any one tried positional short in Nifty at 17355-17420, start book the profit 17215-17175-17000 levels and the stop loss above 17450 levels on a closing basis.

Nifty Bank Index: Nifty Bank Index yesterday, opened at 37767.70, on the opening move, it made a day low 37632.30; thereafter, it moved up, made a day high 38179.85 and closed on a positive note at 38024 with an intra gain 120.80 points, i.e., 0.32%, today the Nifty Bank Index must move above 38065-38180 levels; if to do so, then it may try to re-test 38330-38460-38620-38760 levels. On the other hand, any weakness near 38065-38180; further, it moves below 38020-37860-37800 then, the Index may re-visit  37760-37635-37590-37495-37400-37200 levels.

Trading Strategy: The members/followers/readers, those who re-invested near 15350-15200 try to book full profit near 17355-17450 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.