07.10.22-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 17379.25, on opening move, the Index made a high 17428.30; thereafter, it moved down, made a day low 17315.65 and closed at 17331.80,on a positive note with an intra gain 57.50 points, i.e., 0.33%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a flat to negative note near 17335-17315-17285 levels; if open, trade and sustain above 17335 then, the index may test 17355-17385-17410-17430-17460-17520-17575 levels. On the other hand, the immediate support lies at 17285-17245 if, the Index moves below 17230 then, it may try to re-visit 17215-17185-17155-17115-17085-17035-17015 levels.

Special Mention: Yesterday, the Nifty Index continued the pull back rally till our threshold resistance levels i.e., 17430, made a high 17428.80 and closed well above 17285 levels, today the Index must move and sustain above 17430-17495 then, it may re-test 17640-17775-17920 levels in the near term. On the other hand, if the Index unable to move above 17430-17495 and moves below 17245-17185 then, it may try to re-visit 16980-16750 levels in the near term. Let see how the Index opens today at 17335-17315-17285 levels, the intra volatility may be in a high note due to today's week-end factor, trade with due caution is my advise, aviod aggressive long position unless, if the Nifty Index cloeses below 17400-17430 levels.

Nifty Bank Index: Nifty Bank Index yesterday, opened at 39343.70, on the opening move, it made a day high 39608.85; thereafter, it moved down, made a day low 39232.90 and closed on a positive note at 39267.95 with an intra gain 157.90 points, i.e., 0.40%, today the Nifty Bank Index must move above 39400-39610 levels; if to do so, then it may try to re-test 39710-39760-39875-40070-40140 levels. On the other hand, any weakness near 39400-39610 further, it moves below 39320-39230 then, the Index may re-visit 39130-39010-38840-38720-38600 levels.

Trading Strategy: The members/followers/readers, those wo invested in Nifty50 stocks try to book profit when the Nifty touches 17290-17430 or for the profit of 6-10% and wait for the further correction to re-invest once again.

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Wishing you for a safe, secured and profitable trading.