On Tuesday the market marginally opened higher and stayed volatile. The market traded in a range during the trading session and settled negatively. On the closing bell, the Nifty index holds 11900, Niftybank index closed above 30200 and the Sensex settled just below 40250. The Nifty index loses –24.10 points, Niftybank loses around –115 points and Sensex loses –53.73 points each.
Today the Nifty index opened at 11974.60 and went up to 11978.95 and closed at 11917.20 after making the low of 11861.90. The Niftybank index opened at 30403.25 and stayed volatile between 30452.70 to 30091.35 and closed 30219.85. The Sensex opened at 40445.67 made a high of 40466.55 low 40053.55 and closed at 40248.23.
As per our last view, ‘if the Nifty index breaks above 11945 then further rally can be seen in the coming days and if the Nifty index breaks below 11820 then it can fall towards 11780 to 11700’ but the index holds above 11845 and today went up to 11978.
For the next day trading if the Nifty index breaks above 11990 then again upside rally can be seen in the coming trading session. If the Nifty index below 11850 then it can fall towards 11800 to 11700.
Above is a Nifty index hourly chart. From the chart above it can be seen that the Nifty index moving up following upwards channel. As we can see the index taking support near 11850 and then jumps to the upper band of the channel. Technically, the market looks positive and strong and it can give a sharp rally if it breaks above 11990. Now the channel’s band will be the measure support and resistance for the index. Breaking up or down will decide the further trend for the market.
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Trading zone for the Nifty index on 06th November 2019
Upside Resistance:- 11975, 12032, 12150.
Downside Support:- 11860, 11800, 11690.
In the Nifty 50, 23 stocks traded in green whereas the 27 were declined unchanged 0 on 05th November 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were YESBANK, SBIN, BAJFINANCE, HDFC, IBULHSGFIN and the volume-wise were YESBANK, IDEA, PNB, DISHTV, SBIN.
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.