On Wednesday 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 12100, the Niftybank index settled just above 31000 and the Sensex closed at 41142.66. The Nifty index gains more than 100 points, Niftybank gains more than 300 points and the Sensex gains more than 350 points respectively.
Today, the Nifty index opened at 12005.85 went up to 12098.15 and closed at 12089.15 after making a low of 11953.35. The Niftybank index opened at 30762 and stayed volatile between 31066 to 30630 and closed above 31002.
As per the last view, ‘if the Nifty index breaks above 12017 and sustains above 12050 then it can go up to 12086 to 12165 and if the Nifty index breaks below 11915 then again it can fall till 11825 or more’ and today the index went up to 12098 after making the low of 11953.35.
For the next day trading, if the Nifty index holds above 12050 and breaks above 12100 then it can go up to 12140 to 12200. If the Nifty index breaks below 11980 then further it can fall till 11900 to 11775.
Today the Nifty index broke the downtrend line and closed above on the hourly chart as can be seen in the above chart. Today the market opened in gap up and traded in the hand of bulls. Technically, the market in consolidation and highly volatile. As it seems that the market is uncertain and can move in any direction. Profit booking can be seen on the upper level in the coming days. Trade cautiously and stay away from the noises.
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- SEBI plans ‘regularity sandbox’ to allow live testing of new products, services on select customers.
- SEBI seeks a reply from Fraklin Templeton after the markdown of investment in Vodafone Idea.
- Tata Motors share price surges 10% as JLR UK sales grow 2.8%.
- Q3 PNB posts the loss with elevated slippages.
- Granules India- USFDA nod for antiviral medicine.
- Cabinet clears amendment to bank laws to strengthen co-operative banks.
- IOC signs an annual deal on the option to buy crude from Rosneft.
Trading zone for the Nifty index on 06th February 2020
Upside Resistance:- 12140, 12190, 12260.
Downside Support:- 12045, 11990, 11900.
In the Nifty 50, 36 stock traded in green whereas the only 14 was declined 05th February 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were TATAMOTORS, BHARTIARTL, RELIANCE, ZEEL, HDFC BANK and the volume-wise were YES BANK, TATAMOTORS, ZEEL, SBIN, BHARTIARTL.
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.