23.08.22-Tuesday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written opened on a negative note at 17682.90, on opening move, the Index made a high 17690.05 thereafter, it moved down, made a day low 17467.35 and closed at 17490.70, on a negative note with an intra loss -267.75 points, i.e., -1.51%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a negative note near 17465-17435-17400 levels; if open, trade and sustain above 17460-17490 then, the index may test 17525-17560-17590-17630-17690-17725-17750-17790-17840 levels. On the other hand, the immediate support lies at 17445-17400 if, the Index moves below 17400 then, it may try to re-visit 17360-17330-17300-17260-17210-17160 levels.

Special Mention: Yesterday, the Nifty Index, continued the sell-off beyond support levels i.e.,17490 and cosed near the support levles, today the Index must move above 17490-17560  then, it may re-test 17710-17850-17995 levels in the near term. On the other hand, if the Index unable to move above 17490-17560-17620 then, it may try to re-visit 17400-17160-16950 levels in the near term. Let see, how the Index opens today at 17465-174635-17400 levels, this week the intra volatility may be in a high note due to F&O expiry 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 38693.65, on the opening move, it made a day high 38732.28; thereafter, it moved down, made a day low 38247.25 and closed on a negative note at 38297.75 with an intra loss -688.20 points, i.e., -1.77%, today the Nifty Bank Index must move above 38385-38580 levels; if to do so, then it may try to re-test 38330-38735-38860-38920 levels. On the other hand, any weakness near 38385-38580; further, it moves below 38230-38115 then, the Index may re-visit 37850-37630-37500 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.