Daily Analysis

Daily Analysis of Stock Market – NIFTY – 04th October 2019

On Friday, the market opened higher and stayed highly volatile. The market erased its morning gain and fell sharply. Today RBI’s 25 basis point rate cut disappointed the bulls and hence the market fell sharply. On the closing bell, the Nifty index closed below 11200, Niftybank ends below 27750 and Sensex settled at 37673.31. The Nifty index, Niftybank, and Sensex lose –139, –682 and –433 points each.

Today, the Nifty index’s opened at 11388.45 went up to 11400.30 and closed at 11174.75 after making the low of 11158.35. The Niftybank index opened at 28681.90 and stayed volatile between 28730.30 to 27653.70 and closed at 27731.85. Sensex opened at 38401.49 made a high of 38403.54 low 37633.36 and closed 37673.31.

As per our last view, ‘if the Nifty index stays above 11315 then it can go up 11370 to 11510 and if the Nifty index breaks and sustain below 11300 then further downside 11257 to 11090 can be seen’ and today the index fell till 11158 after breaking 11300.

For the next day trading, if the Nifty index breaks and sustain above 11245 then it can go up to 11300 to 11400. If the Nifty index breaks below 11150 then the downtrend will continue and it can fell till 11085 to 11000.

The Nifty index is trading below the downtrend as it can be seen in the above hourly chart. The index is breaking its near support and trading below the resistance. Today the Nifty index has broken its 11250 support and tumble till 11158, also the index closed below the 100 moving averages and fall sharply as can be seen in the chart above. The index is trading below the downtrend and resistance also breaking its supports, technically the market looks weak and volatile. These all are the indication of weakness for the market and it seems that the Nifty index can fell till 11085 in the coming days.

NEWS HIGHLIGHT

  • The Reserve Bank of India today reduced repo rate by 25 basis points.
  • Sarang and Rakesh sent to police custody till October 09 (PMC bank update)
  • EOD formed SIT to investigate the NSEL matter.
  • Rupee ends flat at 70.89 per dollar.
  • Info edge climbs 7% on Zomato’s $600mn fund raising plan.

Trading zone for the Nifty index on 07th October 2019

Upside Resistance:-    11245, 11330, 11485.

Downside Support:-  11150, 11085, 11000.

Nifty 50

Advances Declines
11 39

In the Nifty 50, only 11 stocks traded in green whereas the 39 were declined on 04th October 2019.

Top 5 Nifty Gainer and Loser

Gainer % Loser %
ONGC 0.98 ZEEL -6.42
WIPRO 0.93 GRASIM -4.21
TCS 0.86 ULTRACEMCO -4.03
INFY 0.85 JSWSTEEL -3.86
TECHM 0.70 TITAN -3.46

The most active value wise stocks were, YESBANK, SBIN, HDFC, BPCL, HDFCBANK and the volume-wise were YESBANK, IDEA, SBIN, ASHOKLEY, DISHTV.

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