On Thursday, the market was opened lower and stayed highly volatile. Today the market showed sudden rise and sudden fall. The market was unpredictive today on the day of weekly expiration and stay highly volatile during the trading session. On the closing bell, the Nifty index end above 11300, Niftybank index lost more than –310 points and Sensex tumble around –200 points.
Today, the Nifty index’s opened at 11322.25 went up to 11370.40 and closed at 11314.00 after making the low of 11257.35. The Niftybank index opened at 28606.70 and stayed volatile between 28469.10.10 to 28240.80 and closed at 28414.10. Sensex opened at 38137.87 made a high of 38310.93 low 37957.56 and closed 38106.87.
As per our last view, ‘if the Nifty index cross and stay above 11390 then it can go up to 11510 to 11600 and if the Nifty index trade below 11400 then further downside can be seen till 11180’ and today index opened lower and fell till 11257.35.
For the next day trading, if the Nifty index stays above 11315 then it can go up 11370 to 11510. If the Nifty index breaks and sustain below 11300 then further downside 11257 to 11090 can be seen.
From the chart above, as we can see that the Nifty index is trading below its near resistance and broken support. The index is holding and trading just above 100 moving averages on the hourly chart as can be seen in the chart above. Technically, 11270 will be the strong support for the Nifty index which is a 100 moving average level. Closing below 11270 will take the market down on the hourly chart. The narrow range for the Nifty index is 11368 to 11270, breaking these level can give rally in coming trading session.
Trading zone for the Nifty index on 04th October 2019
Upside Resistance:- 11370, 11425, 11510.
Downside Support:- 11300, 11257, 11200.
In the Nifty 50, 19 stocks traded in green whereas the 31 were declined on 03rd October 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were, YESBANK, INDUSINDBK, SBIN, BPCL, AXISBANK and the volume-wise were YESBANK, IDEA, TATAMOTORS, SBIN , IBULHSGFIN.
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.