11.08.22-Thursday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive at 17566.10, our expected opening band 17520-17490, on opening move, the Index made a high 17566.10, thereafter, it moved down, made a day low 17442.80, further moved up  near deay high and closed at 17525.10, on a positive note with an intra gain 9.65 points, i.e., 0.06%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a positive note near 17600-17660-17730 levels; if open, trade and sustain above 17730-17780 then, the index may test 17815-17850-17870-17885-17920 levels. On the other hand, the immediate support lies at 17600-17565 if, the Index moves below 17565 then, it may try to re-visit 17545-17530-17505-17490-17470-17440-17410-17360 levels.

Special Mention: Yesterday, the Nifty Index, continued the northward journey beyond our threshold resistance levels i.e., 17490, made high a 17566 and closed well above 17490, if the Index closes above 17490-17550-17600 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 close above 17600-17660  then, it may try to re-visit 17490-17165 levels in the near term. Let see, how the Index opens today at 17600-17660-17730 levels, the intra volatility may be in a high note due to tomorrow's option weekly expiry and Nifyt Index trading at the higher levels, trade with due caution at the higher levels is my advise, at this juncture and wait for a meaningful price correction till 17150-16950 levels in Nifty Index, to invest in Equity segment.

Nifty Bank Index: Nifty Bank Index yesterday, opened at 38298.25, on the opening move, it made a day low 38155.30; thereafter, it moved up, made a day high 38402.95 and closed on a positive note at 38287.85 with an intra gain 50.45 points, i.e., 0.13%, today the Nifty Bank Index must move above 38470-38765 levels; if to do so, then it may try to re-test 38890-38995-39170-39335 levels. On the other hand, any weakness near 38470-38765; further, it moves below 38350-38245 then, the Index may re-visit 38155-38075-37950-37860-37600 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.