On Tuesday the market opened higher and stayed bullish, settle in green. The market was highly volatile and traded one side on the upper move. On the closing bell, the Nifty index end near 12000, the Niftybank index settled above 30500 and the Sensex closed at 40789.38. The Nifty index gains around 275 points, Niftybank gains more than 650 points and the Sensex gains more than 900 points respectively.
Today, the Nifty index opened at 11786.25 went up to 11986.15 and closed at 11979.65 after making a low of 11783.40. The Niftybank index opened at 30235 and stayed volatile between 30777 to 30182.45 and closed above 30686.70.
As per the last view, ‘if the Nifty index stays above 11700 then it can go up to 11900 and if the index breaks below 11614 then it can fall towards 11500 in the coming days’ and today the index opened above 11700 and went up to 11986.15 after making the low of 11783.40.
For the next day trading, if the Nifty index breaks above 12017 and sustains above 12050 then it can go up to 12086 to 12165. If the Nifty index breaks below 11915 then again it can fall till 11825 or more.
The Nifty index is trading below the downtrend line as can be seen in the above chart. Today the market reclaimed the budget day’s closing and settled near its closed. Now, the market is in consolidation mode and highly volatile. As per the above chart, if the Nifty index breaks out and sustains above the trend line then again upside rally will be started and maybe new high price can saw in the coming days. On the daily chart, indicators like RSI and Stochastic RSI are in the oversold zone and has a positive crossover.
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- CCI finds no abuse of dominant position by Indian Railways, IRCTC.
- NSE launches Request for Quote platform in debt securities.
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- The US finalizes rules to slap duties on countries that undervalue currencies.
Trading zone for the Nifty index on 05th February 2020
Upside Resistance:- 12050, 12120, 12320.
Downside Support:- 11910, 11845, 11715.
In the Nifty 50, 45 stock traded in green whereas the only 05 was declined 04th February 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were RELIANCE, SBIN, HDFC BANK, TITAN, ICICI BANK and the volume-wise were YES BANK, SBIN, TATAMOTORS, ITC, ZEEL.
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.