On the first day of January 2020, the market opened higher and settled with nominal gains. The market stayed volatile and choppy during the day. On the closing bell, the Nifty index ends above 12150, Niftybank index settled above 32100 and the Sensex closed at 4130.6.02. The Nifty index and Sensex gains 14 and 52 points each, whereas the Niftybank loses around -60 points.
Today, the Nifty index opened at 12202.15 went up to 12222.20 and closed at 12182.50 after making the low of 12165.30. The Niftybank index opened at 32237.90 and stayed volatile between 32348 to 32057.
As per the last view, ‘ if the Nifty index breaks below 12150 then it can fall till 12120 or more and if the Nifty index sustains above 12190 then it can go up to 12235 to 12290′ and the index made high of 12222 without breaking 12150.
For the next day trading, if the Nifty index breaks and sustains above 12200 then it can go up to 12292 to 12350. If the Nifty index breaks below 12160 then it falls further towards 12120 to 12090.
Form the above hourly chart of the Nifty index, it can be seen that the index is trading in a narrow range of 12290 to 12100. The index today has taken support near 12160 and bounced back towards the resistance of 12190. Technically, the market is positive and it can break its recent highs in the coming days. The momentum indicators such as MACD, RSI Stochastic are showing positive moves on the hourly chart.
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Trading zone for the Nifty index on 02nd January 2020
Upside Resistance:- 12290, 12225, 12285.
Downside Support:- 12150, 12130, 12090.
In the Nifty 50, 23 stocks traded in green whereas the 27 were declined on 01st January 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were RELIANCE, SBIN, TATASTEEL, TATAMOTORS, YES BANK and the volume-wise were YES BANK, TATAMOTORS, SBIN, VEDL, TATASTEEL.
GSI Team is the technical expert team of Above Stocks, which is lead by the Aarish and works on giving the latest and accurate information about the Nifty and its prediction.