30.09.22-Friday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as written and expected, opened on a positive note with gap up at 16993.60, on opening move, the Index made a high 17026.05; thereafter, it moved down, made a day low 16788.60 and closed at 16818.10, on a negative note with an intra loss -40.50 points, i.e., -0.24%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a flat to negative note near 16820-16790-16750 levels; if open, trade and sustain above 16820-16850 then, the index may test 16885-16920-16945-16990-17035-17075-17090-17110-17165-17195-17245 levels. On the other hand, the immediate support lies at 16750-16725 if, the Index moves below 16725 then, it may try to re-visit  16675-16640-16610-16565-16515-16460 levels.

Special Mention: Yesterday, the global weakness dragged the Nifty Index near our threshold support levels i.e., 16820-16750 and closed well below 16940, the Index making lower low everyday for the last seven trading sessions and trading in an ovesold zone, there may be a possibility for the short term pull back rally till 17165-17200-17290 levels, today the Index must move and sustain above 16980-17037 then, it may re-test 17380-17480-17775 levels in the near term. On the other hand, if the Index unable to move above 16980-17037 and moves below 16750-16725 then, it may try to re-visit 16640-16450 levels in the near term. Let see how the Index opens today at 16820-16750-16725 levels, the intra volatility may be in a high note due to today's RBI MPC Meet and week, month and quarter-end factor, trade with due caution is my advise, aviod aggressive short positions unless, if the Nifty Index cloeses below 16750 levels.

Nifty Bank Index: Nifty Bank Index yesterday, opened at 38092.85, on the opening move, it made a day high 38283.40; thereafter, it moved down, made a day low 37536.65 and closed on a negative note at 37647.75 with an intra loss -112.10 points, i.e., -0.30%, today the Nifty Bank Index must move above 37845-38000 levels; if to do so, then it may try to re-test 38120-38285-38485-38585-38730-38885 levels. On the other hand, any weakness near 37845-38000 further, it moves below 37535-37335 then, the Index may re-visit 37250-36990-36810-36680 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.