On Friday the market opened with a huge gap down and sleeps further and big selling was seen. The market was stayed bearish during the trading session and closed in the red. On the closing bell, the Nifty index closed below 11000, Niftybank index holds 27800 and the Sensex settled above 37500. The Nifty index loses -280 points, Niftybank index loses more than -1000 points and the Sensex lost around -900 points in a single day.
Today, the Nifty index opened at 10942.65 went up to 11035.10 and closed at 10989.45 after making the low of 10827.40. Niftybank index opened at 27650 and stayed volatile between 28047.20 to 27162.30 and closed at 27801.45.
As per the last view, ‘if the Nifty index holds above 11245 then it can go up to 11300 to 11400 and if the Nifty index breaks and sustains below 11245 then it can fall till 11100 or more’ today the market opened below 11100 and sleeps till 10827.40.
For the next day trading, if the Nifty index holds above 10950 then it can go up to 11090 to 11250. If the Nifty index sustains below 10950 then again it can fall towards 10800 to 10600.
From the above chart of the Nifty index, it can be seen that the index not only opened below the important level of 11090 but also closed below it. Rising Coronavirus not only in India but globally has derailed the economy of the world which effects can see in the global stock market. Currently, the market is reacting on a news basis. Technically, the market especially the Nifty index may trade in a range of 11450 to 10650 and remains volatile in the coming days.
- 6.5 lakh people screen for coronavirus at the airport in India 31 test positive.
- CBI to probe UP power form’s investment in a scam.
- SBI to pick up a 49% stake of Yes Bank as per the RBI’s draft plan.
- HPCL- falling Rupee will push up borrowing costs.
- Till the January end investment via P=Notes rises marginally to Rs. 67281 cr.
- Yes Bank- SEBI in a spot of bother as AMC sponsor bites the dust.
- Vodafone Group CEO Nick Read meets Ravi Shankar Prashad as AGR crisis looms.
- Govt approves TCS, DLF proposal to set up SEZs.
Trading zone for the Nifty index on 09th March 2020
Upside Resistance:- 11090, 11160, 11365.
Downside Support:- 10950, 10865, 10745.
In the Nifty 50, only 05 stocks traded in green and whereas 45 were declined on 06th March 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were SBIN, RELIANCE, YES BANK, INDUSIND BANK, ICICI BANK and the volume-wise were YES BANK, SBIN, TATAMOTORS, ICICI BAK, 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.