04.08.22-Thursday-8.34 am

G0od Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17349.25, our expected opening band 17355-17395-17420, on opening move, the Index made a low 17225.85; thereafter, it moved up, made a day high 17407.50 and closed at 17388.15, on a positive note with an intra gain 42.70 points, i.e., 0.25%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a positive note near 17420-17455-17485 levels; if open, trade and sustain above 17455-17485 then, the index may test 17505-17540-16570-17600-17630-17660 levels. On the other hand, the immediate support lies at 17405-17380-17355 if, the Index moves below 17355 then, it may try to re-visit 17320-17290-17260-17245-17215-17175-17155-17110-17085-17020 levels.

Special Mention: Yesterday, the Nifty Index, continued the northward journey beyond our threshold resistance levels i.e., 17355, made high 17407 and closed well above 17355, if the Index closes above 17355 for an another two 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 17485-17550 then, it may try to re-visit 17215-17000-16790 levels in the near term. Let see, how the Index opens today at 17420-17455-17485 levels, the intra volatility may be in a high note due to today's option weekly expiry and tomorrow's week-end factor, trade with due caution at the higher levels is my advise, at this juncture.

Nifty Bank Index: Nifty Bank Index yesterday, opened at 37954.55, on the opening move, it made a day low 37692.90; thereafter, it moved up, made a day high 38068.60 and closed on a negative note at 37989.25 with an intra loss -34.75 points, i.e., -0.09%, today the Nifty Bank Index must move above 38068-38180 levels; if to do so, then it may try to re-test 38330-38460-38620-38760-38995 levels. On the other hand, any weakness near 38068-38180; further, it moves below 37960-37720 then, the Index may re-visit  37690-37590-37495-37400-37200 levels.

Trading Strategy: The members/followers/readers, those who re-invested near 15350-15200 try to book full profit near 17450-17660 or the stocks given profit 18-24% and wait for the price correction if, any near 17000-16800 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.