10.10.22-Monday, 8.34 am

Good Morning Members

What has happened on Friday? Nifty Index, as written and expected, opened on a negative note at 17287.20, on opening move, the Index made a high 17334.65; thereafter, it moved down, made a day low 17216.95, further it moved up near day high  and closed at 17314.65, on a negative note with an intra loss -17.15 points, i.e., -0.10%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a negative note near 17185-17115-17085 levels; if open, trade and sustain above 17185 then, the index may test 17220-17245-17270-17300-17315-17335-17370-17395-17430 levels. On the other hand, the immediate support lies at 17085-17245 if, the Index moves below 17230 then, it may try to re-visit 17025-16980-16940-16910-16885-16850-16820 levels.

Special Mention: On Friday, the Nifty Index unable to continue the pull back rally and witnessed a brief correction till 17216 and closed just above 17285 levels, today the Index must move and sustain above 17315-17430 then, it may re-test 17640-17775-17920 levels in the near term. On the other hand, if the Index unable to move above 17315-17430 and moves below 17115-17025 then, it may try to re-visit 17050-16940-16750 levels in the near term. Let see how the Index opens today at 17185-17115-17085 levels, this week the intra volatility may be in a high note due to IIP data, Inflation data expected this week, trade with due caution is my advise, aviod aggressive short or long positions.

Nifty Bank Index: Nifty Bank Index on Friday, opened at 39093.50, on the opening move, it made a day low 38807.50; thereafter, it moved up, made a day high 39235.05 and closed on a negative note at 39178.05 with an intra loss -89.90 points, i.e., -0.23%, today the Nifty Bank Index must move above 39235-39350 levels; if to do so, then it may try to re-test 39435-39495-39570-39610-40050 levels. On the other hand, any weakness near 39235-39350 further, it moves below 39125-38800 then, the Index may re-visit 38630-38595-38400-38285 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.