On Wednesday the market opened in gap up but tanks sharply and closed in red lost its early gains after the media brief by the government on coronavirus. The market was stayed volatile and try to taking support at the lower level. On the closing bell, the Nifty index ended above 11250, Niftybank index holds 28500 and the Sensex settled above 38400. The Nifty index loses over -50 points, Niftybank index loses more than -500 points and the Sensex loses more than -200 points.
Today, the Nifty index opened at 11351.35 went up to 11356.60 and closed at 11251 after making the low of 11082.15. Niftybank index opened at 29253 and stayed volatile between 29273.65 to 28125.15 and closed at 28653.70.
As per the last view, ‘ if the Nifty holds above 11265 then it can go up to 11450 to 11590 and if the Nifty index breaks below 11160 then again it can fall towards 11100 to 11090‘ and today the market fell sharply, tank till 11082.
For the next day trading, if the Nifty index holds above 11225 then it can go up to 11375 to 11500. If the Nifty index breaks and sustains below 11080 then more downside level can be sawed in the coming days till 11000 or more.
From the hourly chart of the Nifty index, it can be seen that the index has been falling continuously from 12200 and broken 11100. Currently the market basically Nifty try to taking support near 11050 to 11100. Currently, the Nifty may stay volatile between 11590 to 11090 and it will react on the news basis. Technically, the Nifty index has strong support at 11050 to 11000, breaking these can take the market into the deep. In a current situation, the global markets are trading under the fear of coronavirus which is dragging the world’s economy.
- Cabinet allows NRIs to own a 100% stake in Air India.
- SEBI internally assessing the potential impact of coronavirus on markets.
- NCLT clears the NBCC resolution plan.
- RBI may use unconventional tools to combat coronavirus impact.
- Finance Minister Sitharaman says amendments aim to decriminalize Companies Act.
- Lok Sabha passes Direct Tax Vivaad Se Vishwas Bill.
- Stride Pharma receives USFDA approval for Tetracycline Hydrochloride Capsules.
Trading zone for the Nifty index on 05th March 2020
Upside Resistance:- 11380, 11490, 11550.
Downside Support:- 11230, 11100, 11080.
In the Nifty 50, 22 stocks traded in green and 28 were declined on 04th March 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were SBIN, HDFC BANK, RELIANCE, TATAMOTORS, ICICI BANK and the volume-wise were YES BANK, TATAMOTORS, SBIN, VEDL, ITC.
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.