On Wednesday, the market stayed positive and closed with gains. The market was pressurized by the bear early in the morning and later bulls take the market up. On the closing bell, the Nifty index ends below 12000, Niftybank index closed above 30600 and the Sensex settled at 40470. The Nifty index gains around 50 points, Niftybank gains 390 points and the Sensex gains more than 220 points.
Today the Nifty index opened at 11911.50 and went up to 12002.90 and closed at 11966.05 after making the low of 11850.25. The Niftybank index opened at 30225.20 and stayed volatile between 30699 to 30013.65 and closed 30609.60. The Sensex opened at 40311.85 made a high of 40606.90 low 40037.53 and closed at 40469.78.
As per our last view, ‘if the Nifty index breaks above 11990 then again upside rally can be seen in the coming trading session and if the Nifty index below 11850 then it can fall towards 11800 to 11700’ and today the index bounced back and went to 12002 after touching the 11850.
For the next trading day if the Nifty index breaks 12003 and sustains above 12000 then it can move up to 12090 to 12170. If the Nifty index breaks and sustains below 11850 then it can fall towards 11800 to 1720.
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. In the chart above it can be seen that the index formed an engulfing bearish candle on the hourly, which suggests that the market can fall for till 11900. Now the 11850 is strong near support for the Nifty index. Breaking this can take the market into deep. Technically, overall the market looks strong and it can give new highs in the coming days.
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Trading zone for the Nifty index on 07th November 2019
Upside Resistance:- 12030, 12100, 12170.
Downside Support:- 11930, 11850, 11785.
In the Nifty 50, 24 stocks traded in green whereas the 25 were declined and 1 was unchanged on 06th November 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were TITAN, YESBANK, INFY, ICICIBANK, IBULHSGFIN and the volume-wise were YESBANK, IDEA, JINDALSTEL, GMRINFRA, IBULHSGFIN.
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.