On Thursday the market opened in gap up but sleeps in the last trading hour and closed almost flat, loses the early gains. The market was stayed volatile and try to taking support at the lower level but it also facing selling on upper levels. On the closing bell, the Nifty index holds above 11250, Niftybank index holds 28800 and the Sensex settled above 38450. The Nifty index gains 18 points, Niftybank index gains more than 150 points and the Sensex gains more than 50 points.
Today, the Nifty index opened at 11306.05 went up to 11389.50 and closed at 11269 after making the low of 11244.60. Niftybank index opened at 28830.30 and stayed volatile between 29134.30 to 28535.60 and closed at 28815.15.
As per the last view, ‘ if the Nifty index holds above 11225 then it can go up to 11375 to 11500 and if the Nifty index breaks and sustains below 11080 then more downside level can be sawed in the coming days till 11000 or more’ and today the market opened higher and the Nifty index went till 11390.
For the next day trading, if the Nifty index holds above 11245 then it can go up to 11300 to 11400. If the Nifty index breaks and sustains below 11245 then it can fall till 11100 or more.
From the above hourly chart of the Nifty index, it can be seen that it has fallen from 12200 and tank till 11030. 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. It also can say that it has been trading in the range of 11400 to 11000. Coronavirus spreading very fast which is disturbing the trader’s mind. Domestic as well as global markets are on risk and fearing of Coronavirus.
- SBI Card IPO oversubscribed 26 times.
- Govt approves State bank India to buy in Yes bank stake.
- ED files money laundering case against Jet Airway’s Naresh Goyal.
- OPEC backs an extra 1.5 million bpd output cut if Russia join in.
- CBI books former senior officials of Hindustan Paper Corporation Ltd in 64 crore scam.
- HSBC files winding-up a plea against IL&FS firm in Singapore court.
- Max Financial board approves share swap with Mitsui Sumitomo.
- Allcargo Logistic share price gains on SEBI nod for the stake buy in Gati.
Trading zone for the Nifty index on 06th March 2020
Upside Resistance:- 11300, 11360, 11450.
Downside Support:- 11210, 11150, 11010.
In the Nifty 50, 29 stocks traded in green and 21 were declined on 05th March 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were SBIN, YES BANK, RELIANCE, HDFC BANK, TATAMOTORS and the volume-wise were YES BANK, SBIN, TATAMOTORS, 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.