Today Indian indices open lower mainly Nifty, Bank nifty and Sensex from their last closing. The market traded negatively the whole day and was totally in the long arm of bears. Today, the market saw one of the biggest falls and it was highly volatile. In today’s trade, Nifty loses 282 points, Bank nifty loses 813 points and Sensex loses around 700 points.
Nifty today open lower and closes losing – 135 points whereas its last closing was 10997.35 and today open at 10895.80, low 10782.60 and high 10895.80. Now the 11000 is the key level for the Nifty for an upside move and the 10800 will be the major support for the Nifty in the coming days and high 10895.80. Now the 11000 is the key level for the Nifty for an upside move and the 10800 will be the major support for the Nifty in the coming days.
Still, the Nifty is in a downtrend and falling continue. Technically it looks like the downtrend will continue. From the above Spot Nifty 50 daily chart, it can be seen that the Nifty breaks the 0.618% of Fibonacci retracement level and closes above this with bearish hammer candle. Technically the Nifty should trade in between 11100 to 10700.
For the trading day 06 August 2019 if the Nifty breaks down and trade below 10845 then more downside level will be achieved and on the upper side if it holds above 10900 then the nominal gain can be seen in the market for the short term till 11000 to 11100.
Trading range for 06 August 2019 of the Nifty
Upside Resistance :- 10910, 10960, 11080.
Downside Support :- 10800, 10730, 10620.
In the Nifty 50, 12 stocks traded in green where 38 were declined on 02 August 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were RELIANCE, SBIN, HDFC, YESBANK, HDFCBANK and the quantity were YESBANK, IDEA, SBIN, CPSEETF, ASHOKLEY stocks was ASHOKLEY, IDEA, YESBANK, SBIN, TATAMOTORS.