04.10.22-Tuesday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as written and expected, opened on a flat to positive note at 17102.20, on opening move, the Index made a high 17114.65; thereafter, it moved down, made a day low 16855.55 and closed at 16887.35, on a negative note with an intra loss -207 points, i.e., -1.21%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a positive note with gap  up  near 17040-17085-17115 levels; if open, trade and sustain above 17115-17145 then, the index may test 17185-17210-17245-17290-17320-17345 levels. On the other hand, the immediate support lies at 16980-16920 if, the Index moves below 16920 then, it may try to re-visit  16885-16855-16830-16800-16750 levels.

Special Mention: Yesterday, the Index traded with the consolidation mode, formed an inside day pattern and closed well below 17026 levels, today the Index must move and sustain above 17115-17145-17195 then, it may re-test 17380-17480-17775 levels in the near term. On the other hand, if the Index unable to move above 17145-17195 and moves below 17050-16980 then, it may try to re-visit 16640-16450 levels in the near term. Let see how the Index opens today at 17040-17085-17115 levels, the intra volatility may be in a high note due to tomorrow's holiday 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 38444.90, on the opening move, it made a day high 38641.60; thereafter, it moved down, made a day low 37963.25 and closed on a negative note at 38029.65 with an intra loss -602.30 points, i.e., -1.56%, today the Nifty Bank Index must move above 38280-38440 levels; if to do so, then it may try to re-test 38565-38640-38825-39050-39230 levels. On the other hand, any weakness near 38280-38440 further, it moves below 38320-38125 then, the Index may re-visit 37960-37770-37630 levels.

Trading Strategy: The members/followers/readers, those wo invested in Nifty50 stocks try to book partial profit when the Nifyt touches 17290-17430 or for the profit of 5-10%.

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.