05.08.22-Friday-8.34 am

G0od Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 17463.10, our expected opening band 17455-17485, on opening move, the Index made a high 17490.70, thereafter, the intra sell-off dragged down, made a day low 17161.25, further it moved up and closed at 17382, on a negative note with an intra loss  -6.15 points, i.e., -0.04%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a positive note near 17407-17420-17455 levels; if open, trade and sustain above 17455-17490 then, the index may test 17505-17540-16580-17600-17630-17660 levels. On the other hand, the immediate support lies at 17395-17370-17355 if, the Index moves below 17355 then, it may try to re-visit 17325-17295-17240-17215-17160-17135-17085-17020 levels.

Special Mention: Yesterday, the Nifty Index, continued the northward journey beyond our threshold resistance levels i.e., 17355, made high 17490 and closed well above 17355 for the second consecutive trading sessions, if the Index closes today, above 17355-17450 then, it may re-test 17665-17790-18115 levels very soon. On the other hand, if the Index unable to move above 17490-17550 then, it may try to re-visit 17165-17000-16790 levels in the near term. Let see, how the Index opens today at 17407-17420-17455 levels, today the intra volatility may be in a high note due to week-end factor. As written for the last three days, the brief technical sell-off dragged the Index yesterday, from 17490 to 17161 levels, trade with due caution at the higher levels is my advise, at this juncture.

Nifty Bank Index: Nifty Bank Index yesterday, opened at 38111.05, on the opening move, it made a day high 38231.85; thereafter, it moved down, made a day low 37249.50 and closed on a negative note at 37755.55 with an intra loss -233.70 points, i.e., -0.62%, today the Nifty Bank Index must move above 37837-37945-38070 levels; if to do so, then it may try to re-test 38120-38230-38365-38500-38620-38765 levels. On the other hand, any weakness near 37837-37945-38070; further, it moves below 37520-37365 then, the Index may re-visit  37250-37115-37010-36800-36720 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 17150-17000-16850 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.