06.10.22-Thursday, 8.34 am

Good Morning Members

What has happened on Tuesday? Nifty Index, as written and expected, opened on a positive note with gap up  at 17147.45, on opening move, the Index made a low 17117.30; thereafter, it moved up, made a day high 17287.30 and closed at 17247.30, on a positive note with an intra gain 386.95 points, i.e., 2.29%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a positive note with gap up near 17335-17380-17400 levels; if open, trade and sustain above 17400 then, the index may test 17430-17470-17520-17575 levels. On the other hand, the immediate support lies at 17290-17230 if, the Index moves below 17230 then, it may try to re-visit  17185-17150-17095-17035-16980 levels.

Special Mention: On Tuesday, the strong pull back rally lifted the the indx till 17287 and closed well above oue threshold resistance levels i.e., 17187 levels, today the Index must move and sustain above 17330-17380 then, it may re-test 17480-17775 levels in the near term. On the other hand, if the Index unable to move above 17380-17400 and moves below 17290-17185 then, it may try to re-visit 16950-16750 levels in the near term. Let see how the Index opens today at 17335-17380-17400 levels, the intra volatility may be in a high note due to today's Option weekly expiry and tomorrow's week-end factor, trade with due caution is my advise, aviod aggressive long position unless, if the Nifty Index cloeses below 17400 levels.

Nifty Bank Index: Nifty Bank Index yesterday, opened at 38700.40, on the opening move, it made a day low 37963.25; thereafter, it moved up, made a day high 39177.505 and closed on a positive note at 39110.05 with an intra gain 1080.40 points, i.e., 2.84%, 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.