On Wednesday, the Sensex opened higher, Nifty and Niftybank index opened lower. The market was highly volatile and bounce back after an earlier loss, settled positively. However, Sensex, Nifty and Niftybank index closed positively and gained 162, 46.75 and 300 points respectively. Today the bulls tightened their muscles and take the market up.
Today the Nifty index opened at 10790.40 made high of 10858.75 and closed at 10844.65 after making the low of 10746.35. Niftybank index traded in between 27278.70 to 26641.35 and closed at 27123.85 against the opening of 26785.95. Sensex was open at 36575.24 and stay volatile in between 36776.31 to 36409.54 and settled at 36724.74.
As per our last view, ‘if the Nifty index will break and sustain above 10850 then it can go up to 10900 to 11000 and if the Nifty index will trade continue below 10800 then it can fell towards 10725 to 10600’, today fell till 10746.35, later broke 10850 but not hold.
For the coming trading day, if the Nifty index will break 10810 and sustain below this then it can fall up to 10700 or more. If the Nifty index will trade above 10850 then it can go up 10875 to 10930.
As per the Nifty index chart above 10746 will be the support and 10900 be resistance. The Nifty index is moving towards the resistance of 10875 to 10900. Technically, price support and MACD diversions in the Nifty index will take the market up. The overall scenario of the market is that the market is highly volatile and looks weak. Continue trading below the resistance and breakdown weekly chart showing the market is sell on rising.
Trading zone for the Nifty index on 05th September 2019
Upside Resistance:- 10890, 10930, 11040.
Downside Support:- 10810, 10775, 10705.
In the Nifty 50, 30 stocks traded in green whereas 20 were declined on 04th September 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were RELIANCE, SUNPHARMA, MARUTI, HFDCBANK, YESBANK and the volume-wise were YESBANK, TATAMOTORS, SUNPHARMA, SBIN, ICICIBANK.