28.09.22-Wednesday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as written and expected, opened on a positive note at 17110.90, on opening move, the Index made a high 17176.45; thereafter, it moved down, made a day low 16942.35 closed at 17007.40, on a negative note with an intra loss -8.90 points, i.e., -0.05%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a negative note near 16940-16900-16880 levels; if open, trade and sustain above 16940-16980 then, the index may test 17055-17075-17095-17120-17165-17195-17240-17290 levels. On the other hand, the immediate support lies at 16880-16850 if, the Index moves below 16850 then, it may try to re-visit  16810-16785-16750-16710-16675-16640 levels.

Special Mention: Yesterday, the Nifty Index, the global weakness dragged the Index further till our threshold support levels i.e., 16980-16940 and closed well below 17166, the Index makiing lower low everyday for the last five trading sessions and trading in an ovesold zone, any time there may be a possibility for the short term pull back rally till 17165-17300-17380 levels, today the Index must move and sustain above 16980-17060-17120 then, it may re-test 17380-17480-17775 levels in the near term. On the other hand, if the Index unable to move above 17060-17120-17165 and moves below 16940-16880-16850 then, it may try to re-visit 16750-16640-16450 levels in the near term. Let see how the Index opens today at 16940-16900-16880 levels, the intra volatility may be in a high note due to tomorrow's F&O expiry and Friday's RBI MPC Meet, trade with due caution is my advise, aviod aggressive long or short postions, at this juncture.

Nifty Bank Index: Nifty Bank Index yesterday, opened at 38811.70, on the opening move, it made a day high 39050.50; thereafter, it moved down, made a day low 38184.90 and closed on a negative note at 38359.15 with an intra loss -257.10 points, i.e., -0.67%, today the Nifty Bank Index must move above 38510-38720 levels; if to do so, then it may try to re-test 38860-38950-39050-39225-39285-39410 levels. On the other hand, any weakness near 38510-38720 further, it moves below 38390-38280-38185 then, the Index may re-visit 37945-37750-37560-37445-37250 levels.

Trading Strategy: The members/followers/readers, try re-invest partially near 16940-16750 in Nifty50 stocks with medium term perspective to gain 5-10%, especially try to invest in IT / Banking sector and also, can buy Hindalco in Metal sector.

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.