22.08.22-Monday, 8.34 am

Good Morning Members

What has happened on Friday? Nifty Index, as expected and written opened on a flat to positive note at 17966.65, on opening move, the Index made a high 17992.20, thereafter, it moved down, made a day high 17710.75 and closed at 17758.45, on a negative note with an intra loss -198.05 points, i.e., -1.10%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a negative note near 17690-17645 levels; if open, trade and sustain above 17690-17710 then, the index may test 17745-17805-17850-17875-17910-17945-17990-18005 levels. On the other hand, the immediate support lies at 17710-17690-17665 if, the Index moves below 17665 then, it may try to re-visit 17635-17595-17570-17520-17475 levels.

Special Mention: On Friday, the Nifty Index, though it continued the northward journey and nearing the psychological resistance zone 18000, made high a 17992.15, as written the brief technical sell-off dragged the Nifty till 17710 and  closed near the support levles i.e, 17750, today the Index must move above 17810-17950-17995  then, it may re-test 17995-18115-18350 levels in the near term. On the other hand, if the Index unable to move above 17810-17950-17995  then, it may try to re-visit 17600-17350 levels in the near term. Let see, how the Index opens today at 17690-17645 levels, this week the intra volatility may be in a high note due to F&O expiry 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 39732.65, on the opening move, it made a day high 39759.15; thereafter, it moved down, made a day low 38848.40 and closed on a negative note at 38985.95 with an intra loss -670.20 points, i.e., -1.69%, today the Nifty Bank Index must move above 39095-39280 levels; if to do so, then it may try to re-test 39330-39460-39625 levels. On the other hand, any weakness near 39095-39280; further, it moves below 38850-38680 then, the Index may re-visit 38650-38500-38265-38155-37850 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.