11.10.22-Tuesday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as written and expected, opened on a negative note at 17094.35, on opening move, the Index made a low 17064.70; thereafter, it moved up, made a day high 17280.15 and closed at 17241, on a negative note with an intra loss -73.65 points, i.e., -0.43%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a negative note near 17195-17170-17140 levels; if open, trade and sustain above 17195 then, the index may test 17220-17240-17270-17300-17315-17335-17370-17395-17430 levels. On the other hand, the immediate support lies at 17115-17090 if, the Index moves below 17090 then, it may try to re-visit 17065-17025-17005-16980-16940-16910-16885-16850-16820 levels.

Special Mention: Yesterday, the Nifty Index unable to continue the pull back rally and witnessed a correction till 17050 and closed just below 17250 levels, today the Index must move and sustain above 17240-17315 then, it may re-test 17445-17640-17775 levels in the near term. On the other hand, if the Index unable to move above 17240-17315 and moves below 17115-17040 then, it may try to re-visit 16910-16750 levels in the near term. Let see how the Index opens today at 17195-17170-17140 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 yesterday, opened at 38641.55, on the opening move, it made a day low 38518.30; thereafter, it moved up, made a day high 39315.70 and closed on a negative note at 39093.10 with an intra loss -84.95 points, i.e., -0.22%, today the Nifty Bank Index must move above 39160-39315 levels; if to do so, then it may try to re-test 39355-39530-39610-39830-40050 levels. On the other hand, any weakness near 39160-39315 further, it moves below 38845-38640 then, the Index may re-visit 38595-39520-38400-38300-38285-37960 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.