10.08.22-Wednesday, 8.34 am

Good Morning Members

What has happened on Monday? Nifty Index, as expected and written, opened on a flat to positive note at 17401.50, our expected opening band 17395-17410, on opening move, the Index made a high 17548.80, thereafter, it moved down, made a day low 17359.75, further moved up  and closed at 17525.10, on a positive note with an intra gain 127.60 points, i.e., 0.73%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a flat to negative note near 17520-17490-17475 levels; if open, trade and sustain above 17520-17550 then, the index may test 17575-17600-17635-17665-17695 levels. On the other hand, the immediate support lies at 17475-17435 if, the Index moves below 17435 then, it may try to re-visit 17405-17360-17320-17250-17220-17205-17160-17125 levels.

Special Mention: On Monday, the Nifty Index, continued the northward journey beyond our threshold resistance levels i.e., 17490, made high a 17548 and closed well above 17490, if the Index closes above 17490-17550 for continuous three trading sessions then, it may re-test 17665-17790-18115 levels very soon. On the other hand, if the Index unable to move above 17490-17550-17600  then, it may try to re-visit 17165-17000 levels in the near term. Let see, how the Index opens today at 17520-17490-17475 levels, this week the intra volatility may be in a high note due to the Nifty Index trading at the higher levels 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 till 16950-16750 levels in Nifty Index, to invest in Equity segment.

Nifty Bank Index: Nifty Bank Index on Monday, opened at 37847.35, on the opening move, it made a day low 37681.45; thereafter, it moved up, made a day low 38302.25 and closed on a positive note at 38237.40 with an intra gain 316.80 points, i.e., 0.84%, today the Nifty Bank Index must move above 38300-38470 levels; if to do so, then it may try to re-test 38580-38670-38765-38890-38995 levels. On the other hand, any weakness near 38300-38470; further, it moves below 38150-38070 then, the Index may re-visit  37995-37775-37680-37510-37375-37250-37010 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 16950-16750 levels in the Nifty Index.

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.