08.08.22-Monday, 8.34 am

Good Morning Members

What has happened on Friday? Nifty Index, as expected and written, opened on a positive note at 17423.65, our expected opening band 17420-17455, on opening move, the Index made a high 17474.40, thereafter, it moved down, made a day low 17348.75 and closed at 17397.50, on a positive note with an intra gain 15.50 points, i.e., 0.09%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a flat to positive note near 17380-17395-17410 levels; if open, trade and sustain above 17395-17410 then, the index may test 17435-17475-17490-17510-17555-17600-17635-17660 levels. On the other hand, the immediate support lies at 17365-17348-17320 if, the Index moves below 17320 then, it may try to re-visit 17295-17240-17200-17155-17135-17085-17020 levels.

Special Mention: On Friday, the Nifty Index, unable to continue the northward journey beyond our threshold resistance levels i.e., 17490, made high an inside day pattern i.e., not broken the previous day high or low and closed well above 17355 for the third consecutive trading sessions, if the Index closes today, above 17450-17490 then, it may re-test 17665-17790-18115 levels very soon. On the other hand, if the Index unable to move above 17450-17490 then, it may try to re-visit 17215-17165-17000 levels in the near term. Let see, how the Index opens today at 17380-17395-17410 levels, this week the intra volatility may be in a high note due to tomorrow's trading holiday and weak global cues, trade with due caution at the higher levels is my advise, at this juncture and wait for a meaningful price correction to invest in Equity segment.

Nifty Bank Index: Nifty Bank Index on Friday, opened at 37868.25, on the opening move, it made a day high 38150.45; thereafter, it moved down, made a day low 37779.90 and closed on a positive note at 37920.60 with an intra gain 165.05 points, i.e., 0.44%, today the Nifty Bank Index must move above 37970-38150-38230 levels; if to do so, then it may try to re-test 38250-38395-38580-38670-38765 levels. On the other hand, any weakness near 37970-38150-38230; further, it moves below 37825-37780 then, the Index may re-visit  37680-37645-37480-37365-37250-37130-37010 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.