On Thursday, the Nifty index and Sensex were open at higher while Niftybank index opened lower. The market was volatile in the morning trading session and later it was choppy. Hence today, the Nifty index closed almost flat, Sensex and Niftybank index lost –80 and –205 points each. Today, on the weekly expiry the market was range-bound.
Today the Nifty index opened at 10860.95 and traded in the range of 10920.10 to 10816 closed at 10847.90. Sensex opened at 36821.71 went up to 36898.99 and settled at 36644.42 after making the low of 36541.88. Niftybank index opened at 27086.95 and stayed volatile between 27243.95 to 26815.40 closed at 26919.70.
As per our last view, ‘if the Nifty index will break 10810 and sustain below this then it can fall up to 10700 or more and if the Nifty index will trade above 10850 then it can go up 10875 to 10930‘, and today it went up to 10920 on the upside and 10816 lower sides.
For the next trading day, if the Nifty index holds above 10860 then it can go up to 10920 to 11000. If continue trade below 10860 then it can fell towards 10800 to 10700.
Above chart showing that the Nifty index is trading in the short range of 10900 to 10600. As we can see in the chart above, the market is trading below its major resistance like 11000 and 11150 and broken support of 10800 earlier. Candlestick patterns and conversions in MACD and breaking support is showing the weakness in the market. The market is trading downside below the mid-band of the Bolinger band. These all scenarios are the sign of downfall and hence can be short on the rise.
Trading zone for the Nifty index on 06th September 2019
Upside Resistance:- 10906, 10965, 11070.
Downside Support:- 10800, 10750, 10650.
In the Nifty 50, 34 stocks traded in green whereas 16 were declined on 05th September 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were RELIANCE, YESBANK, ICICIBANK,
HDFCBANK, TATAMOTORS and the volume-wise
were YESBANK, TATAMOTORS, ONGC, COALINDIA, IOC.
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.