14.10.22-Friday, 8.34 am

Good Morning Members

What has happened yesterday? Nifty Index, as expected and written, opened on a negative note at 17087.35, on opening move, the Index made a high 17112.35; thereafter, it moved down, made a day low 16956.65 and closed at 17014.35, on a negative note with an intra loss -109.25 points, i.e., -0.64%.

What will happen today?  

Nifty Index: Today, the Nifty Index may open on a positive note with gap up near 17185-17260-17315 levels; if open, trade and sustain above 17315 then, the index may test  17335-17355-17375-17400-17428-17470 levels. On the other hand, the immediate support lies at 17155-17110 if, the Index moves below 17110 then, it may try to re-visit 17065-17065-17705-16990-16975-16950-16910 levels.

Special Mention: Yesterday, the Nifty Index once again moved down and took strong support near our threshold support levels i.e., 16950-16940 and closed just above 17k mark, today the Index must move and sustain above 17260-17315-17355 then, it may re-test 17445-17640 levels in the near term. On the other hand, if the Index unable to move above 17260-17315-17355 and moves below 17115-17000-16940 then, it may try to re-visit 16855-16750-16640 levels in the near term. Let see how the Index opens today at 17185-17260-17315 levels, today the index may trade in a narrow band since, gap up opening seen and WPI inflation data is expected today, 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 38957.65, on the opening move, it made a day high 39061.30; thereafter, it moved down, made a day low 38606.40 and closed on a negative note at 38624 with an intra loss -494.55 points, i.e., -1.26%, today the Nifty Bank Index must move above 39230-39360 levels; if to do so, then it may try to re-test 39475-39610-39760-39925-40075-40135 levels. On the other hand, any weakness near 39230-39360 further, it moves below 39060-38560 then, the Index may re-visit 38450-38285-37965-37910 levels.

Trading Strategy: The members/followers/readers, try to re-invest partially near 16950-16750 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.

For further details please do call us on 98410 48022 or contact thro' WhatsApp: 99624 70636. Please read carefully, the Disclaimer published in the Disclaimer page.

Wishing you for a safe, secured and profitable trading.