12.08.22-Friday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note with a gap up at 17711.65, our expected opening band 17660-17730, on opening move, the Index made a high 17719.30, thereafter, it moved down, made a day low 17631.95 and closed at 17659, on a positive note with an intra gain 124.25 points, i.e., 0.71%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a positive note near 17690-17720-17745 levels; if open, trade and sustain above 17720-17745 then, the index may test 17780-17815-17850-17870-17885-17920-17945 levels. On the other hand, the immediate support lies at 17630-17610 if, the Index moves below 17610 then, it may try to re-visit 17580-17540-17505-17490-17470-17445-17405-17360 levels.

Special Mention: Yesterday, the Nifty Index, continued the northward journey beyond our threshold resistance levels i.e., 17600, made high a 17719 and closed near 17660 levels, if the Index closes above 17660-17780 for continuous three trading sessions then, it may re-test 17845-17920-18115 levels very soon. On the other hand, if the Index unable to close above 17660-17780  then, it may try to re-visit 17490-17165 levels in the near term. Let see, how the Index opens today at 17690-17720-17745 levels, the intra volatility may be in a high note due to today's week-end factor and Monday's trading holiday, further the 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 38712.95, on the opening move, it made a day low 38648.90; thereafter, it moved up, made a day high 38932.10 and closed on a positive note at 38879.85 with an intra gain 592 points, i.e., 1.55%, today the Nifty Bank Index must move above 38932-39010 levels; if to do so, then it may try to re-test 39100-39195-39275-39385-39425-39560-39760 levels. On the other hand, any weakness near 38932-39010; further, it moves below 38830-38760 then, the Index may re-visit 38650-38570-38405-38300-38155 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.