13.10.22-Thursday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, contrary to our expectation, opened on a positive note at 17025.55, on opening move, the Index made a low 16960.05; thereafter, it moved up, made a day high 17142.35 and closed at 17123.60, on a positive note with an intra gain  140.05 points, i.e., 0.82%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a flat to negative note near 17115-17070-17050 levels; if open, trade and sustain above 17115 then, the index may test  17142-17170-17190-17220-17260-17290-17325 levels. On the other hand, the immediate support lies at 17005-16975-16950 if, the Index moves below 16950 then, it may try to re-visit 16910-16860-16820-16790-16750 levels.

Special Mention: Yesterday, the Nifty Index took strong support near our threshold support levels i.e., 16940, the pull back rally lifted once again near 17140 and closed well above 17065 levels, today the Index must move and sustain above 17140-17190 then, it may re-test 17290-17445-17640 levels in the near term. On the other hand, if the Index unable to move above 17140-17190 and moves below 17000-16940 then, it may try to re-visit 16855-16750-16640 levels in the near term. Let see how the Index opens today at 17115-17070-17050 levels, the intra volatility may be in a high note due to-day's weekly option expiry, tomorrow's WPI inflation data and week-end factor, trade with due caution and aviod aggressive short positions, is my advise at this juncture. The IIP data for Aug'22 released yesterday, the data shows the Industrial prodcution turned to a negative at -0.80% when compared to the last month reading i.e., 2.20%, after a year; it moves into negative zone and the Annual Inflation for Sep'22 moved up from 7% to 7.40%.

Nifty Bank Index: Nifty Bank Index yesterday, opened at 38784.20, on the opening move, it made a day low 38606.40; thereafter, it moved up, made a day high 39164.10 and closed on a positive note at 39118.55 with an intra gain 406.10 points, i.e., 1.05%, today the Nifty Bank Index must move above 39165-39310 levels; if to do so, then it may try to re-test 39375-39485-39610-39705 levels. On the other hand, any weakness near 39165-39310 further, it moves below 38965-38855-38810 then, the Index may re-visit 38740-38670-38610-38520-38450-38285-37965-37910 levels.

Trading Strategy: The members/followers/readers, try to re-invest partially near 16950-16750-16450 levels in Nifty50 stocks with the medium term perspective to gain 6-9%. Adani Port, Reliance, LIC Housing Finance, PVR are the stocks to invest with medium term perspective.

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Wishing you for a safe, secured and profitable trading.