On Thursday, the market opened higher and stayed the bullish whole day. The market traded on the upper side and break up the near resistance. On the closing bell, the Nifty index ends on a record at 12282.20, Niftybank index settled above 32400 and the Sensex closed at 41626.64. The Nifty index gains 100 points, Niftybank index gains 340 points and the Sensex gains more than 300 points each.
Today, the Nifty index opened at 12198.55 went up to 12290 and closed at 12282.20 after making the low of 12195.25. The Niftybank index opened at 32133.15 and stayed volatile between 32465.45 to 32121.40 and closed at 32443.85.
As per the last view, ‘ if the Nifty index breaks and sustains above 12200 then it can go up to 12292 to 12350 and if the Nifty index breaks below 12160 then it falls further towards 12120 to 12090‘ and the today the index went up to 12290 after making the low of 12195.25.
For the next day trading, if the Nifty index breaks above 12293 then it can up to 12350 and more. If the Nifty index breaks below 12250 then it can fall towards 12200 to 12120.
From the above chart, it can be seen that the index bounced back from the near support of 12250 and closed at a record price. 12293 will be the hurdle level for the Nifty index if it will be broken then further upside rally will b continued in the coming days. Technically, the market looks attractive and can continue its upside rally and soon we can see a new price on the chart.
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Trading zone for the Nifty index on 02nd January 2020
Upside Resistance:- 12295, 12316, 12350.
Downside Support:- 12255, 12220, 12160.
In the Nifty 50, 35 stocks traded in green whereas the 15 were declined on 02nd January 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were RELIANCE, TATAMOTORS, TATASTEEL, SBIN, ULTYRACEMCO and the volume-wise were YES BANK, TATAMOTORS, TATASTEEL SBIN, VEDL.