19.08.22-Friday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, contrary to our expectation opened on a negative note near 17898.65, on opening move, the Index made a low 17852.05, thereafter, it moved up, made a day high 17968.45 and closed at 179456.50, on a positive note with an intra gain 12.25 points, i.e., 0.07%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a flat to positive note near 17965-17980-18005 levels; if open, trade and sustain above 18005 then, the index may test 18030-18065-18095-18115-18130 levels. On the other hand, the immediate support lies at 17935-17910 if, the Index moves below 17910 then, it may try to re-visit 17850-17820-17800-17785-17745-17685-17640-17595 levels.

Special Mention: Yesterday, the Nifty Index, continued the northward journey and nearing the psychological resistance zone 18000-18115, made high a 17968 and closed near day high, if the Index closes above 18k for three continuous trading sessions then, it may re-test 18115-18350-18600 levels in the near term. On the other hand, if the Index unable to move above 18000-18115  then, it may try to re-visit 17700-17400 levels in the near term. Let see, how the Index opens today at 17965-17980-18005 levels, the intra volatility may be in a high note due to today's week-end factor, further the index trading at the higher levels, we can expect a brief correction either today or next week to drag the Nifty Index till 17725-17600 levels hence, trade with due caution at the higher levels is my advise, at this juncture and wait for a meaningful price correction till 17400-17150-16950 levels in Nifty Index, to invest in Equity segment.

Nifty Bank Index: Nifty Bank Index yesterday, opened at 39324.40, on the opening move, it made a day low 39291.15; thereafter, it moved up, made a day high 39703.70 and closed on a positive note at 39656.15 with an intra gain 194.45 points, i.e., 0.49%, today the Nifty Bank Index must move above 39705-39815 levels; if to do so, then it may try to re-test 39890-40000-40250 levels. On the other hand, any weakness near 39705-39815; further, it moves below 39515-39390 then, the Index may re-visit 39290-39180-39120-38920-38830 levels.

Trading Strategy: The members/followers/readers, those who re-invested near 15350-15200 try to book full profit near 17900-18115 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.