29.09.22-Thursday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as written and expected, opened on a negative note at 16870.55, on opening move, the Index made a low 16825.40; thereafter, it moved up, made a day high 17037.60, further the weakness dragged the Index once again, made a day low 16820.40 and closed at 16858.60, on a negative note with an intra loss -148.80 points, i.e., -0.87%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a positive note with gap up by tracking the global indices near 16975-17035-17080 levels; if open, trade and sustain above 17080-17100 then, the index may test 17120-17155-17175-17195-17210-17265-17290 levels. On the other hand, the immediate support lies at 16940-16845 if, the Index moves below 16845 then, it may try to re-visit  16820-16785-16750-16710-16675-16640 levels.

Special Mention: Yesterday, the global weakness dragged the Nifty Index till our threshold support levels i.e., 16940-16810 and closed well below 16980, the Index makiing lower low everyday for the last six trading sessions and trading in an ovesold zone, there may be a possibility for the short term pull back rally till 17165-17290-17380 levels, today the Index must move and sustain above 17037-17165 then, it may re-test 17380-17480-17775 levels in the near term. On the other hand, if the Index unable to move above 17037-17165 and moves below 16980-16820 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 today's F&O expiry and tomorrow's RBI MPC Meet and week, month and quarter-end factor , trade with due caution is my advise, aviod aggressive short postions, at this juncture.

Nifty Bank Index: Nifty Bank Index yesterday, opened at 38081.25, on the opening move, it made a day high 38368.80; thereafter, it moved down, made a day low 37626.60 and closed on a negative note at 37759.85 with an intra loss -599.30 points, i.e., -1.56%, today the Nifty Bank Index must move above 37900-38185-38310 levels; if to do so, then it may try to re-test 38370-38430-38490-38620-38760-38885-39050 levels. On the other hand, any weakness near 37900-38185-38310 further, it moves below 37800-37630-37560 then, the Index may re-visit 37425-37250-36990 levels.

Trading Strategy: The members/followers/readers, try re-invest partially near 16940-16820-16750 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.