On Thursday the market continuously opened higher and stayed a bullish fourth day, settle in green. The market was highly volatile and traded one side moved up. On the closing bell, the Nifty index end above 12100, the Niftybank index settled above 31300 and the Sensex closed at 41306.03. The Nifty index gains around 50 points, Niftybank gains more than 300 points and the Sensex gains more than 150 points respectively.
Today, the Nifty index opened at 12120 went up to 12160.60 and closed at 12134 after making a low of 12084.65. The Niftybank index opened at 31070.75 and stayed volatile between 31470 to 30970.75 and closed above 31300.
As per the last view, ‘if the Nifty index holds above 12050 and breaks above 12100 then it can go up to 12140 to 12200 and if the Nifty index breaks below 11980 then further it can fall till 11900 to 11775‘ today the index went up to 12134 and made a low of 12084.65.
For the next day trading, if the Nifty index holds above 12100 then it can go up to 12160 to 12200. If the Nifty index breaks below 12120 and sustains below 12100 then it can fall till 12050 to 11975.
The Nifty index is trading above its near downtrend line on the hourly chart as can be seen in the chart above. The Index resisting near 12160 after the continuous forth days up move. As per the chat, if the Nifty index breaks and sustains above 12160 then its up move will continue in the coming days. Technically, the market is highly volatile and hence it became now buy on dips and sell on high. Indicators like MACD, Stochastic And RSI are losing momentum on an hourly chart.
- RBI keeps repo rate and reverses the report unchanged.
- Emami Groups enters into a binding agreement with Nuvoco Vistas for sale of cement biz.
- SEBI issue performance benchmarking guidelines for AIFs.
- SEBI bans former officials of Indiabulls Venture from the securities market for 1 year.
- UN- World food prices rise for fourth month running, cereal outlook up.
- PTC India Q3 profit falls 30% to Rs 63 crore.
- Sun Pharma operating number beats estimates, Q3 profit falls 26%.
- I-T dept launches e-calculator to compare due tax under the new, old regime.
Trading zone for the Nifty index on 07th February 2020
Upside Resistance:- 12170, 12205, 12280.
Downside Support:- 12125, 12090, 12050.
In the Nifty 50, 29 stock traded in green whereas the 21 was declined 06th February 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were SBIN, TATAMOTORS, RELIANCE, INDUSINDBK, BHARTIARTL and the volume-wise were YES BANK, TATAMOTORS, SBIN, ZEEL, 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.