24.08.22-Wedensday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written opened on a negative note at 17357.35 on opening move, the Index made a low  17345.20 thereafter, it moved up, made a day high 17625.55 and closed at 17577.50, on a positive note with an intra gain 86.80 points, i.e., 0.50%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a flat to negative note near 17565-17545-17525 levels; if open, trade and sustain above 17545-17595 then, the index may test 17625-17655-17695-17725-17745-17775-17805-17850-17885 levels. On the other hand, the immediate support lies at 17525-17485 if, the Index moves below 17485 then, it may try to re-visit 17455-17410-17380-17345-17300-17265-17210-17160 levels.

Special Mention: Yesterday, the Nifty Index, continued the sell-off beyond our support levels i.e.,17490 and made panic bottom near 17345, further the strong technical pull back lifted the Index till 17625 and  closed well above 17490 levles, today the Index must move above 17545-17595-17625 then, it may re-test 17805-17910-17995 levels in the near term. On the other hand, if the Index unable to move above 17595-17625 then, it may try to re-visit 17345-17160-16950 levels in the near term. Let see, how the Index opens today at 17565-17545-17525 levels, the intra volatility may be in a high note due to tomorrow's 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 37955.45, on the opening move, it made a day low 37950.85; thereafter, it moved up, made a day high 38869.90 and closed on a positive note at 38697.65 with an intra gain 399.90 points, i.e., 1.04%, today the Nifty Bank Index must move above 38695-38730-38870 levels; if to do so, then it may try to re-test 39010-39185-39360-39555-39760 levels. On the other hand, any weakness near 38695-38730-38870; further, it moves below 38500-38410 then, the Index may re-visit 38320-38165-37950-37700 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 17350-16950 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.