We have seen a big fall in the market and today the market was only one side that is downward. The Sensex fell around 800 points, Bank nifty fell 850 points, and the Nifty fell more than 230 points during the trading session. Today the Nifty made the fresh five-month low and settled at 10980.
Today Nifty opened lower and the whole day traded in negative. Yesterday Nifty was closed at 11118 and today it opens lower at 11060.20 and made the low of 10881, high 11076.75 and finally, it settled at 10980 after losing the 138 points or – 1.24%. Nifty is in a downtrend as we saying from the last few days, and almost the downside levels are achieving in this market. Still, we are in a downtrend and the trend will continue.
It seems that the market is in big correction mode. Downside the next level for the Nifty is 10800 which is also a 0.618% retracement level of Fibonacci and then the next level will be 10580. For the trading day 02 August 2019, 11000 will be the key point for the Nifty, if the Nifty will trade or sustain below 10980 then again it can fall till 10800 on the downside.
Form the above spot Nifty 50 daily chart it can be seen that the Nifty is trading below of its technical support of 11000 which shows that supply can be expected on every bounce in the market.
Trading range for the 02 August 2019 of the Nifty
Upside Resistance :- 11077, 11175, 11275.
Downside Support :- 10880, 10785, 10580.
In the Nifty 50, 11 stocks traded in green where 38 were declined on 01 August 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks was INDUSINDBK, SBIN, RELIANCE, AXISBANK, HDFCBANK and the quantity wise stocks was IDEA, YESBANK, ASHOKLEY, RELINFRA, CPSEETF (Source nseindia.com).