On Friday, the Nifty index, Niftybank index, and Sensex were opened higher. Today the market was volatile and traded in green during the trading hours. The Nifty index, Niftybank index, and Sensex closed with the gain of 98.30, 328.20 and 337.35 points respectively. On the last trading day of the week, the market traded upside.
Today the Nifty index opened with a gain of 36 points at 10883.80 and went up to 10957.05 closed at 10946.20 while the low was 10867.45. Niftybank index opened at 26986.50 stayed volatile in between 27311.05 to 26950.55 and settled at 27247.90. Sensex opened at 36785.59 made a high of 37012.98 low 36727.66 and closed at 36981.77.
As per our last view, ‘if the Nifty index holds above 10860 then it can go up to 10920 to 11000 and if continue trade below 10860 then it can fell towards 10800 to 10700’ and today went up to 10957 after making the low of 10867.45.
For the next trading day, if the Nifty index break and sustain above 10960 then it can go up to 11000 to 11045. If the Nifty index break below 10920 then it can again fall till 10900 to 10800.
From the above hourly chart, it can be seen that the Nifty index is trading in the Rising Wedge pattern and hence break out or break down of pattern will decide the trend. As of now the Nifty index is moving up with the support of 10815 and touched near the resistance of 10960. Technically, the market is in trading in the range of 11150 to 10800. As break down on the daily and weekly chart and closing below the 100 moving averages and uptrend line on the weekly chart, the market looks weak.
Trading zone for the Nifty index on 09th September 2019
Upside Resistance:- 10980, 11015, 11100.
Downside Support:- 10900, 10835, 10750.
In the Nifty 50, 35 stocks traded in green whereas 15 were declined on 06th September 2019.
Top 5 Nifty Gainer and Loser
The most active value wise stocks were IBULHSGFIN, RELIANCE, MARUTI, HDFC, TATAMOTORS and the volume-wise were YESBANK, TATAMOTORS, IBULHSGFIN, ICICIBANK, SBIN.